Daily Equity Report By Money CapitalHeight 14-03-2013

Indian markets fared low amid the dwindling possibility of rate cut and profit booking in few sectors.

Indore, India (prHWY.com) March 14, 2013 - MARKET WRAP FOR Equity

* Indian markets closed in red. Nifty and Sensex both down by over -1.0%.
* Asian-Pacific markets down as global equities look towards consolidation.
* Italy's logjam persists. EUR IP -0.4% (m/m). Dow Futures up by 12.50 pts.

Indian markets fared low amid the dwindling possibility of rate cut and profit booking in few sectors. Weak UK data fed fears of triple dip recession. Dow closed flat after witnessing a robust rally. Nifty closes below its 100 DMA at 5851, down by 63 points.Whereas, Sensex down by 202 points to settle at 19362. EUR markets are in red zone.

CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS
SUPP 1: 5840
SUPP 2: 5765
RES 1: 5935
RES 2: 6010

CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND - CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 11650
SUPP 2: 11330
RES 1: 12050
RES 2: 12350

Stock Recommendation

CapitalHeight's stock recommendation for 14/03/2013 is Canara Bank. Canara Bank has been trading in down trend from last many trading session and faced resistance at around 30 DMA, 432 level. In today's trading session, it was down by 3.32%. On daily chart, it made long black candlestick, which indicates some more bearishness in the stock. Momentum indicator, Stochastic has also given negative crossover. It's near support level hovers around at 405 level, below which we can see some more downside movement in the stock. Its strong support level is 395. In short term some downtrend can be expected in the stock. One can go for short position in Canara Bank below 418. The stock may test level of 407 in near term.
Our recommendation on Canara Bank is SELL below 418 for the Target of 413/407.

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Categories: Finance

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