Daily NewsLetter Equity 14-03-2012

* Indian benchmark indices extends uptrend, Nifty up 70 pts & Sensex up 226 pts * U.S Federal Reserve kept crucial funds rate unchanged at 0.25%, Dollar buoy. * European markets were up 0.80% to 1.40%, while Dow future was up 15 pts.

indore, India (prHWY.com) March 14, 2012 - MARKET WRAP FOR EQUITY

* Indian benchmark indices extends uptrend, Nifty up 70 pts & Sensex up 226 pts

* U.S Federal Reserve kept crucial funds rate unchanged at 0.25%, Dollar buoy.

* European markets were up 0.80% to 1.40%, while Dow future was up 15 pts.

Indian benchmark indices extended their uptrend on the back of extended buying in upmove coupled with positive global cues. Nifty added 70 pts to end above the level of 5400 at 5429.5 & Sensex added 226 pts to settle the day at 17813. Euro markets were up with DAX up 69 pts, CAC up 38 pts and FTSE up 52 pts. Dow future was up 15 pts.


CH NIFTY OUTLOOK

NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5435
SUPP 2: 5350
RES 1: 5565
RES 2: 5635


CH BANK NIFTY OUTLOOK

BANK NIFTY FUTURE LEVELS:
SUPP 1: 10440
SUPP 2: 10260
RES 1: 10880
RES 2: 11220

Stock Recommendation

CapitalHeight's stock recommendation for 14/03/12 is Aban Offshore. Aban offshore was in a correction phase for the past two weeks post its rally from 330 to 560 levels. The stock recently saw fresh buying near its 200 SDMA and rebounded taking its support and ended today gaining more than 7% or 34.4 Rs. to end at 519.25 after making intraday high of 523. The stock is now expected to continue uptrend on the back of extended buying and test its next resistance of 550 in coming week which if broken then can rally to 565-570

Our recommendation on Aban Offshore is BUY above 523 for the Tg of 527 & 533.

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Categories: Business

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