Today Market Wrap:
· Indian markets ends in red. Nifty, Sensex down by 0.63% & 0.48% respectively.
· Asia-Pacific markets edge higher supported by US Fed Res and China’s data.
· Dow goes up. GBP Retail Sales at 2.1% (m/m). Dow Futures down by 27.50 pts.
Indian markets fell for the 5th consecutive day due to weak cues from European peers, which further got supported by supply pressure. US Fed has decided to continue with its existing loose monetary policy. France, Germany Mfg PMI goes down. Nifty down by 35 pts, closed at 5658. Whereas, Sensex lost 91 pts to close at 18792. EUR is in red zone.
CapitalHeight’s stock recommendation for 22/03/2013 is Maruti Suzuki Ltd.Maruti has been trading in down trend from last month and has given downside breakout on long term uptrend line. In today’s trading session, it was down by 3.47%.On daily chart, it made long black candlestick which indicates further scope of downside movement in the stock. It closed below 200 DMA level. Momentum indicator Stochastic and RSI are also trading in negative direction. It’s near support level around at 1250 level, below it we can see furthermore downside movement in the stock. One can go for short position in Maruti if stock breaches the level of 1300. The stock may test level of 1200 in near term.
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS
SUPP 1: 5635 ; SUPP 2: 5585
RES 1: 5725 ; RES 2: 5780
BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 11060 ; SUPP 2: 10780
RES 1: 11550 ; RES 2: 11870
Our recommendation on Maruti is SELL below 1300 for the Target of 1280/1255.
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