Indian indices slumped as stocks fell after minutes from the US Fed Reserve, stoked concerns that policy makers could pull back on their massive quantitative-easing program.
(prHWY.com) February 22, 2013 - indore, India -- MARKET WRAP FOR Equity
* Indian markets shown sharp down turn, Nifty down 90pts & Sensex by 317pts.
* Asian-Pacific market closed sharply lower on Fed reserve last policy meeting.
* EUR German flash manufacturing PMI 50.1, Dow Future down 170pt.
Indian indices slumped as stocks fell after minutes from the US Fed Reserve, stoked concerns that policy makers could pull back on their massive quantitative-easing program. Nifty down by 91pts at 5852 & Sensex by 317pts at 19325. Euro market red with FTSE down by 105pts at 6290, DAX by 141pts at 7587 & CAC by 66pts at 3644.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS
SUPP 1: 5790
SUPP 2: 5715
RES 1: 5885
RES 2: 5965
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND - CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 11990
SUPP 2: 11750
RES 1: 12380
RES 2: 12650
Stock Recommendation
CapitalHeight's stock recommendation for 22/02/2013 is ICICI Bank. Major Trend in the stock is bullish. ICICI Bank is correcting from end of last month and also shown some weakness as underperform market in recent period. Stock is consolidating near to its short term trend line support from last week. In today's trading session stock breaks its trend line support with good volume and momentum. Stock was down more than 3.70% in trade. We expect stock may correct from this level in upcoming days. One can go for short position in ICICI Bank below 1075. The stock may test level of 1040 in near term.
Our recommendation on ICICI Bank is SELL below 1075 for the Target of 1062/ 1040..
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