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 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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