Indian indices up in the first session of 2013 as investors cheered the US fiscal deal while hopes of an interest rate cut in January also boosted the appeal of risky assets.
(prHWY.com) January 2, 2013 - Indore, India -- MARKET WRAP FOR Equity
* India market edged higher, Nifty up by 0.77% and Sensex by 0.79%.
* Sensex climb to 20-month high after U.S. senate passed a budget deal.
* Bond yields ease on OMO announcement, Dow Future up by 269pts.
Indian indices up in the first session of 2013 as investors cheered the US fiscal deal while hopes of an interest rate cut in January also boosted the appeal of risky assets. Fresh buying is seen in realty and metal stocks. Nifty up by 45pts settles at 5950 and Sensex by 154pts settles at 19580. European Markets closed today.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5940
SUPP 2: 5875
RES 1: 6050
RES 2: 6135
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND - BULLISH
BANK NIFTY FUTURE LEVELS:
SUPP 1: 12650
SUPP 2: 12230
RES 1: 12880
RES 2: 13115
Stock Recommendation
stock recommendation for 02/01/2013 is Reliance Infrastructure. Major trend in the stock is bearish. Reliance Infra is in formation of price pattern from last month. Stock is having pennant formation in daily charts and also holding 200DMA form last couple of week. In today's trading session stock has taken break out of pattern with good volume and momentum. Stock was up about 4.50%. One can go for long position in Reliance Infra above 545. Reliance Infra may move to the level of 595 in near term.
Our recommendation on Reliance Infra Fut is BUY above 545 for the Target of 565/ 595.
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