Daily Equity Report By Money CapitalHeight 24-01-2013

MARKET WRAP FOR Equity

·         India market remains volatile & closed with marginal gains of 0.2%

·         Asia-Pacific green on stronger confidence in Germany & upbeat US earnings.

·         GBP Claimant count at -12.1K, unemployment 7.7%, Dow future up 140pts.

Indian indices eked out small gains in a volatile session as Euro stocks higher ahead of a vote to increase the US debt ceiling. Sensex regained psychological 20,000 mark. Nifty up by 6pts settle at 6054 & Sensex by 45pts settles at 20026. Euro markets mixed with FTSE up by 13pts at 6192 & DAX by 17pts at 7712 & CAC down by 11pts at 3730.

CH NIFTY OUTLOOK

NIFTY TREND: CONSOLIDATE

NIFTY SPOT LEVELS:

SUPP 1: 6030

SUPP 2: 5965

RES 1: 6125

RES 2: 6190

CH BANK NIFTY OUTLOOK
CH BANK NIFTY TREND – CONSOLIDATE

BANK NIFTY FUTURE LEVELS:

SUPP 1: 12450

SUPP 2: 12230

RES 1: 12885

RES 2: 13150

Stock Recommendation

stock recommendation for 24/01/2013 is Karnataka Bank. Major Trend in the stock is bullish. Karnataka Bank gains some bullish momentum early this year and up almost 200% from its 52 week low. Stock is in formation of symmetrical triangle (Price Pattern) from couple of month. In today’s trading session stock had taken breakout of pattern and move down with good volume and momentum. Stock was down by more than 5.50% in trade. We expect stock may see some correction in upcoming days. One can go for short position in Karnataka Bank below 160. Karnataka Bank may move to the level of 133 in short term.

Our recommendation on Karnataka Bank is SELL below 160 for the Target of 150/ 133.

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