Indian markets soared high amid expectations of int. rate cut by RBI. IIP & Inflation data of India will arrive next week.
(prHWY.com) March 11, 2013 - Indore, India -- MARKET WRAP FOR Equity
* Indian markets skyrocketed today. Nifty, Sensex surged by 1.41% & 1.39%.
* Asian-Pacific markets remain steady as China unveils its trade data today.
* ECB too kept key rates same. CHF CPI 0.3% (m/m). Dow Futures up by 65 pts.
Indian markets soared high amid expectations of int. rate cut by RBI. IIP & Inflation data of India will arrive next week. Global economic data supports market sentiments. Credit went up, while initial jobless claims fell in US. Nifty up by 82 points & closed at 5945.While Sensex up by 269 points & closed at 19683. Draghi effect, EUR trading in green.
MM NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS
SUPP 1: 5915
SUPP 2: 5840
RES 1: 6065
RES 2: 6130
MM BANK NIFTY OUTLOOK
MM BANK NIFTY TREND - CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 12050
SUPP 2: 11860
RES 1: 12330
RES 2: 12550
Stock Recommendation
MarketMagnify stock recommendation for 11/03/2013 is ITC Ltd. ITC has been trading in consolidation from last many trading session. It took support around 285 level which is strong support and bounced from that level. In today's trading session it closed above 100 DMA. On the daily chart momentum indicator, stochastic has also given positive crossover. It was up by 1.61%. It's having near resistance level around 310, above it we can see some upside movement in the stock. In short term some uptrend can be expected. One can go for long position in ITC above 299. The stock may test level of 310 in near term.
Our recommendation on ITC is BUY above 299 for the Target of 302/306.
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