Euro markets red with DAX down by 66pts at 7023, FTSE by 68pts at 5788 and CAC by 30 at 3482, Dow Future down by 32pts.
(prHWY.com) August 23, 2012 - Indore, India -- MARKET WRAP FOR EQUITY
* India market marginal down, Nifty down by 0.15% and Sensex by 0.21%.
* Asian pacific fall after Japan's posted a worse than expected July trade data.
* CAD core retail sales at -0.4% m/m, ahead USD existing home sales.
Indian indices close in red after a volatile day on weak global cues and also ahead of Greek bailout talk this week. Nifty down by 8pts settles at 5412 & Sensex by 38pts settles at 17846. Euro markets red with DAX down by 66pts at 7023, FTSE by 68pts at 5788 and CAC by 30 at 3482, Dow Future down by 32pts.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5365
SUPP 2: 5290
RES 1: 5485
RES 2: 5555
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 23/08/12 is Bharti Airtel. Bharti Airtel had seen sharp fall in recent period caused by bad result reported by company for more than three consecutive quarters. The major trend in the stock is turned bearish as it breaks its long term trend line support and hit 112 week new low. In last trading session stock also move below its recent low of 252.90 with good volume and movement. The stock was down by more than 3.80%. One can go for the short position in Bharti Airtel below 248. Bharti Airtel can test the level of 241 in near terms.
Our recommendation on TCS is SELL below 248 for the Tg of 244 & 241
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