Daily Equity Report By Market Magnify 08-02-2013

Indian indices negative on CSO projected India's GDP growth at 5% for 2012-13, lowest in a decade & significantly lower than growth rate of 6.2% in 2011-12.

Indore, India (prHWY.com) February 8, 2013 - MARKET WRAP FOR Equity

* India markets remains negative, Nifty & Sensex down by 0.30%.
* Asian market down on selling pressure on weak cues from offshore markets.
* EUR French trade balance -5.3B, EU Economic summit, Dow Future down 7pts.
Indian indices negative on CSO projected India's GDP growth at 5% for 2012-13, lowest in a decade & significantly lower than growth rate of 6.2% in 2011-12. Nifty down by 20pts settle at 5939 & Sensex down by 59pts settle at 19580. Euro markets mixed with DAX up by 36pts at 7617, CAC by 11pts at 3654 and FTSE down by 14pts at 6281.

MM NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS
SUPP 1: 5935
SUPP 2: 5865
RES 1: 6010
RES 2: 6085

MM BANK NIFTY OUTLOOK
MM BANK NIFTY TREND - CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 12310
SUPP 2: 12110
RES 1: 12735
RES 2: 12960

Stock Recommendation

Market Magnify stock recommendation for 08/02/2013 is Reliance Power. Major Trend in the stock is bearish. Reliance Power is facing resistance from its 200DMA and consolidating with negative biasness from last few months and also under performed market in recent period. In today's trading session stock breaks its crucial support with good volume and momentum and also closes above it. Stock was down by
about 3.90% in trade. We expect stock may correct from current level in upcoming days.One can go for short position in Reliance Power below 86. The stock may test level of 78 in near term.
Our recommendation on Reliance Power is SELL below 86 for the Target of 83/ 78.

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