Indian indices closed in red on Friday after four-day winning streak as investors resorted to profit booking after recent strong rally in stock price.
(prHWY.com) October 8, 2012 - Indore, India -- MARKET WRAP FOR EQUITY
* India market fall on profit booking, Nifty down by 0.70% & Sensex by 0.63%.
* Asian pacific rose on comment from European Central Bank President Draghi.
* USD unemployment rate at 7.8%, non-farm employment change at 114K.
Indian indices closed in red on Friday after four-day winning streak as investors resorted to profit booking after recent strong rally in stock price. Nifty down by 40pts settles at 5746 and Sensex by 119pts settles at 18938. Euro green with DAX up by 68pts at 7374, FTSE by 32pts at 5860 and CAC by 41pts at 3442, Dow Future up by 21pts..
CH NIFTY OUTLOOK
NIFTY TREND: BULLISH
NIFTY SPOT LEVELS:
SUPP 1: 5735
SUPP 2: 5650
RES 1: 5840
RES 2: 5910
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS:
SUPP 1: 11350
SUPP 2: 11080
RES 1: 11750
RES 2: 11970
Stock Recommendation
stock recommendation for 08/10/12 is Bharti Airtel. The major trend in the stock is bearish. Bharti Airtel is consolidating near to its 52-week low from a month and also trading below its 200DMA. In today's trade stock break its trend line support with good volume and movement, but managed to close above support level. The stock was down by 1.48%. We expect stock will see more downside in coming days as breakdown its consolidation range; one can go for the short position in Bharti Airtel below 262. Bharti Airtel can test level of 250 in near terms.
Our recommendation on Bharti Airtel is SELL below 262 for the Tgt of 256 & 250.
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