Indian indices closed with marginal gains as government has proposed to reduce subsidy burden on diesel, kerosene and LPG.
(prHWY.com) January 7, 2013 - Indore, India -- MARKET WRAP FOR Equity
* India market advanced for the fourth straight day, Nifty & Sensex up by 0.10%.
* Asian Stocks outside Japan fall as Federal Reserve considers cutting stimulus.
* GBP services PMI at 48.9, ahead USD non-farm unemployment change.
Indian indices closed with marginal gains as government has proposed to reduce subsidy burden on diesel, kerosene and LPG. Nifty up by 6pts settles at 6016 and Sensex by 19pts settles at 19784. European Markets red with DAX down by 14pts at 7742, CAC by 16pts at 3704 and FTSE by 02pts at 6048, Dow Future marginally up.
CH NIFTY OUTLOOK
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS:
SUPP 1: 5970
SUPP 2: 5875
RES 1: 6080
RES 2: 6135
CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND - BULLISH
BANK NIFTY FUTURE LEVELS:
SUPP 1: 12650
SUPP 2: 12230
RES 1: 13015
RES 2: 13315
Stock Recommendation
CapitalHeight's stock recommendation for 07/01/2013 is IFCI Ltd. Major Trend in the stock is bearish. IFCI is consolidating with negative biasness from nearly nine month after having a rally of more than 100% from its 52 week year low. Stock is trading below its 200 weekly moving average. In today's trading session stock breaks its short term trend line resistance with good volume and momentum. Stock was up about 11.00%. One can go for long position in IFCI above 39. IFCI may move to the level of 43 in near term.
Our recommendation on IFCI is BUY above 39 for the Target of 41/ 43.
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