Euro markets green with DAX up by 14pts at 7010, FTSE by 4pts at 5838 and CAC flat at 3478. Dow Future down by 3pts.
(prHWY.com) August 21, 2012 - Indore, India -- MARKET WRAP FOR EQUITY
* India market closed almost flat, Nifty up by 0.06% and Sensex by 0.19%
* Asian pacific gains after U.S. housing permits rose to a four-year high.
* EUR trade balance 10.5B, ahead US prelim UoM consumer sentiment.
Indian indices managed to close in green after losing all its gain as euro zone worries eased and also on report of CAG on coal mining permits. Nifty up by 3pts settle at 5366 & Sensex by 33pts settle at 17691. Euro markets green with DAX up by 14pts at 7010, FTSE by 4pts at 5838 and CAC flat at 3478. Dow Future down by 3pts.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5315
SUPP 2: 5230
RES 1: 5455
RES 2: 5510
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 10340
SUPP 2: 10100
RES 1: 10680
RES 2: 11015
Stock Recommendation
stock recommendation for 21/08/12 is Hindalco Industries. Hindalco has been correcting from one and half year and down more than 60% from its high. The stock had shown more weakness in recent period as it is trading below its 200 days moving average and underperform market by consolidate in a tight range from more than four months. In last trading session it has move below its trend line support and close below it. The stock was down by more than 2.57%. One can go for the short position in Hindalco below 113. Hindalco can test the level of 105 in short terms.
Our recommendation on Hindalco is SELL below 113 for the Tg of 109 & 105
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