Market Watch

Tuesday 9 April 2013

Indian Stock Tips and Technical Analysis By Money CapitalHeight


Stock Market Wrap:

·  Indian markets closed flat. Nifty, Sensex down by 0.19% & 0.07% respectively.
·  Asia-Pacific markets remain weak today. Nikkei up by 2.72% over BoJ’s move.
·  Wall St. closed in red. German IP (m/m) at 0.5%. Dow Futures up by 15 points.
Indian markets closed flat amid talks of lower levels likely for the indices in coming days. BoB crashed today over report alleging money laundering. BoJ embarked on its bold drive, but weak U.S. jobs data & Portugal worries weighed on Europe. Nifty down by 10pts, closed at 5542. Whereas, Sensex lost 12 pts and closed at 18437. EUR is in green.

Stock Recommendation:

CapitalHeight’s  stock recommendation for 09/04/2013 is Tata Consultancy Services Ltd. It has been trading in consolidation trend from last few trading sessions. In today’s trading session, it was down by 1.15% and breached its trend line support level. It closed below 50 DMA level. We can see further downside movement in the stock. Momentum indicator RSI is also trading in negative territory. All the indicators are suggesting that we can see some downside movement in the stock. Its strong support level is around 1455. One can go for short position in TCS Ltd below 1475. The stock may test level of 1410 in near term.

Technical View:

NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS
SUPP 1: 5535 ; SUPP 2: 5447
RES 1: 5635 ; RES 2: 5720

BANK NIFTY TREND: CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 10910 ; SUPP 2: 10730
RES 1: 11315 ; RES 2: 11560

Our recommendation on TCS Ltd is SELL below 1475 for the Target of 1465/1450.

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