Daily Equity Report By MarketMagnify 11-02-2013

Indian indices edged lower in choppy trade on concerns that PSU disinvestment & reduction of promoter stake to meet SEBI mandated minimum public shareholding. Nifty down by 35pts settle at 5903 & Sensex down by 96pts settle at 19485.

Indore, India (prHWY.com) February 11, 2013 - MARKET WRAP FOR Equity

* India markets remains negative, Nifty down by 0.6% & Sensex down by 0.5%.
* Asian-Pacific market higher on better than expected China trade data.
* USD trade balance -38.5B, Wholesale inventories -0.1%, Dow Future up 38pts.
Indian indices edged lower in choppy trade on concerns that PSU disinvestment & reduction of promoter stake to meet SEBI mandated minimum public shareholding. Nifty down by 35pts settle at 5903 & Sensex down by 96pts settle at 19485. Euro markets up with DAX by 61pts at 7652, CAC by 48pts at 3649 and FTSE by 35pts at 6267.

MM NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS
SUPP 1: 5865
SUPP 2: 5780
RES 1: 5995
RES 2: 6065

MM BANK NIFTY OUTLOOK
MM BANK NIFTY TREND - CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 12250
SUPP 2: 11990
RES 1: 12560
RES 2: 12825

Stock Recommendation

MarketMagnify stock recommendation for 09/02/2013 is JSW Steel. Major Trend in the stock is bullish. JSW Steel is consolidating from positive biasness in its daily charts from 2-3 months. In today's trading session stock breaks its crucial support of its upward moving trend line with good volume and momentum. Stock was down marginally in trade. We expect stock may correct from current level in upcoming days.One can go for short position in JSW Steel below 823. The stock may test level of 798
in near term.
Our recommendation on JSW Steel is SELL below 823 for the Target of 811/ 798.

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