Daily Equity Report By Money CapitalHeight 03-01-2013

Indian indices rose for the second day in a row on positive cues from global market. Bank stocks up on hopes for a rate cut this month.

Indore, India (prHWY.com) January 3, 2013 - MARKET WRAP FOR Equity

* India market hit two year high, Nifty up by 0.71% and Sensex by 0.68%.
* Asian Pacific edged higher after U.S. lawmakers passed budget bill.
* EUR Italian manufacturing PMI at 46.7, GBP manufacturing PMI at 51.4.
Indian indices rose for the second day in a row on positive cues from global market. Bank stocks up on hopes for a rate cut this month. Nifty up by 42pts settles at 5993 and Sensex by 133pts settles at 19714. European Markets green with DAX up by 169pts at 7782, CAC by 84pts at 3725 and FTSE by 127pts at 6025, Dow Future up by 167pts.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5970
SUPP 2: 5875
RES 1: 6080
RES 2: 6135

CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND - BULLISH
BANK NIFTY FUTURE LEVELS:
SUPP 1: 12650
SUPP 2: 12230
RES 1: 13015
RES 2: 13315

Stock Recommendation
stock recommendation for 03/01/2013 is IDFC Ltd. Major trend in the stock is bullish. IDFC is= consolidating with negative biasness from last month. Stock having strong support near to the level of 170 of its upward moving trend line. In today's trading session stock breaks its consolidation range with good volume and momentum. Stock was up about 3.00%. One can go for long position in IDFC above 179. IDFC may move to the level of 188 in near term.
Our recommendation on IDFC is BUY above 179 for the Target of 183/ 188.
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Categories: Finance

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