Daily Equity NewsLetter 02-02-2012

CapitalHeight's stock recommendation for 02/02/12 is Axis bank. Axis bank was being in downtrend making loser tops & lower bottoms.

Indore, India (prHWY.com) February 2, 2012 - Stock Recommendation

CapitalHeight's stock recommendation for 02/02/12 is Axis bank. Axis bank was being in downtrend making loser tops & lower bottoms, the stock after making an lower bottom has came up to make its new lower top but after oming up instead of resisting its upper trend line it has made breakout and has gone up. Currently axis bank has made an upward channel making higher top & higher bottoms. Today Axis bank after gap down opening has gaining significantly and ended more than 1.2% making a bullish candle indicating bullishness in the near term. Axis bank is expected to test its 200DMA near 1120 in the near term continuing which may test the level of 1160.
Our recommendation on Axis bank is BUY above 1096 for Target of 1004 & 1014.

MARKET WRAP FOR EQUITY
* Indian market ends significantly up; Nifty was up 36 pts, Sensex up 107 pts.
* Britain's Manufacturing PMI came at 52.1; Euro CPI Flash estimate y/y at 2.7%.
* European markets were green with DAX leading; Dow futures was up 89 pts.
The markets performed well today. Metal & capital goods were best performers today while auto and realty, too, made smart gains. Nifty was up 36 pts at 5236 & Sensex up 107 pts to settle at 17300. Euro markets were green with DAX up 121 pts at 6580, CAC up 52 pts at 3350 & FTSE up 78 pts at 5760. Dow Future was up 89 pts

CH NIFTY OUTLOOK
Trend: - Consolidate
Resistance: - 5300, 5380
Support: - 5160, 5080
Strategy: - Sell on high

CH BANK NIFTY OUTLOOK
Trend: - Consolidate
Resistance: - 10180, 10400
Support: - 9700, 9500
Strategy: - Sell on high

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