Today Equity Report By MarketMagnify 07-03-2013

Indian markets go up due to positive global cues. Indian economy expanded more than China in Feb 2013. US markets surged record high due to better economic data. ECB & BoJ are likely to go with easy monetary policy.

Indore, India (prHWY.com) March 7, 2013 - MARKET WRAP FOR Equity

* Indian markets remain positive. Nifty & Sensex up by 0.59% & 0.57%.
* Asian-Pacific markets rally as Dow hits record high. DJIA surged by 0.9%.
* GBP Mfg PMI down. Halifax HPI m/m 0.5 %, Dow futures up by 117.50 pts.
Indian markets go up due to positive global cues. Indian economy expanded more than China in Feb 2013. US markets surged record high due to better economic data. ECB & BoJ are likely to go with easy monetary policy. Nifty up by 34pts and settles at 5818.Whereas, Sensex up by 109pts & rests at 19252. EUR markets are at ease with green.

MM NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS
SUPP 1: 5755
SUPP 2: 5680
RES 1: 5885
RES 2: 5950

MM BANK NIFTY OUTLOOK
MM BANK NIFTY TREND - CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 11620
SUPP 2: 11320
RES 1: 11990
RES 2: 12330

Stock Recommendation

MarketMagnify stock recommendation for 07/03/2013 is State bank of India (SBI). SBI has been trading in down trend from last many trading session and it has took support around 2050 level which is strong support and bounced from that level. Its momentum indicator stochastic is also trading in positive direction. It was up by 1.88%.It's having near resistance level around 2190, above it we can see some upside movement in the stock. In short term some uptrend can be expected. One can go for long position in SBI above 2180. The stock may test level of 2250 in near term.
Our recommendation on SBI is BUY above 2180 for the Target of 2210/2240.

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Categories: Finance

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