Indian indices edged higher for the third consecutive day and closed near days high as data showing that FIIs remained buyers of Indian stocks on 1 Oct.
(prHWY.com) October 4, 2012 - Indore, India -- MARKET WRAP FOR EQUITY
* India market extended gain, Nifty up by 0.22% & Sensex by 0.24%.
* Asian pacific fell as China services industries expanded at the weakest pace.
* GBP services PMI at 52.2, USD ADP non-farm employment change at 162K..
Indian indices edged higher for the third consecutive day and closed near days high as data showing that FIIs remained buyers of Indian stocks on 1 Oct. Nifty up by 12pts settles at 5731 and Sensex by 45pts settles at 18869. Euro green with DAX up by 17pts at 7323, FTSE by 17pts at 5826 and CAC unchanged at 3413. Dow Future up by 20pts.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5690
SUPP 2: 5610
RES 1: 5830
RES 2: 5890
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 11280
SUPP 2: 10850
RES 1: 11630
RES 2: 11950
Stock Recommendation
stock recommendation for 04/10/12 is Hindalco Industries. The major trend in the stock is bullish. Hindalco is trading lower and lower from one and half year as it breaks its 200DMA. Stock had shown sharp recovery from its 52-week low and also its MACD has come in to buy mode signaling short term upside. In today's trade stock crosses its trend line resistance and its previous swing high resistance zone with good volume and movement. The stock was up by 1.51%. We expect stock will see more upside as it crosses 200DMA at 125 levels; one can go for the long position in Hindalco above 126. Hindalco can move to the level of 134 in near terms.
Our recommendation on Hindalco Ind is BUY above 126 for the Tgt of 129 & 134.
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