Today Equity Report By MarketMagnify 05-03-2013

Indian markets tumbles down due to weak global outlook. China's data worsens the world growth story. Spain also at risk of needing a state bailout. Nifty down by 21 pts, rests at 5698.

Indore, India (prHWY.com) March 5, 2013 - MARKET WRAP FOR Equity

* Indian market dives down, Nifty down by 0.37% and Sensex by 0.21%.
* Asian-Pacific markets down due to global cues. US data comes out positive.
* China PMI goes down, GBP construction PMI 46.8, Dow futures up by 5 pts.
Indian markets tumbles down due to weak global outlook. China's data worsens the world growth story. Spain also at risk of needing a state bailout. Nifty down by 21 pts, rests at 5698. Sensex down by 40 pts & settles at 18878. US data better than expected gave buoyancy to the global market. FTSE, CAC and DAX are trading in red.

MM NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS
SUPP 1: 5665
SUPP 2: 5585
RES 1: 5765
RES 2: 5835

MM BANK NIFTY OUTLOOK
MM BANK NIFTY TREND - CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 11330
SUPP 2: 11040
RES 1: 11830
RES 2: 11990

Stock Recommendation

MarketMagnify stock recommendation for 05/03/2013 is Hindalco. Hindalco has been in down trend from last many trading session and it has breached its crucial support levels, also short term moving average 50 DMA cross below 200 DMA, it was down by 5% and closed below support level. It's having next crucial support at 88, below it some more down turn expected, one can go for sell on high strategy in it. In short term some more bearish trend can be expected. One can go for short position in Hindalco below 94. The stock may test level of 87 in near term.
Our recommendation on Hindalco is SELL below 94 for the Target of 91/89.

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Categories: Finance

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