Tuesday, 29 December 2015

Today’s Stock Recommendation

 Today’s Stock Recommendation
Technical Overview: Stock recommendation for 29/12/2015 is ICICI Bank ltd. In today’s trading session it was up by 2.35%. Its long term trend is up. It has made a long green candle indicating further buying in daily chart. Its short term support level is 255. All the indicators are suggesting that one can go for long position in this stock above 264 levels. The stock may test level of 270-280 in coming days.
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The S&P BSE Sensex started on a flat note with a positive bias on Tuesday, led by gains in HDFC, RIL, NTPC, Tata Motors, L&T, and Lupin.The Nifty50 started on a flat note, but the index was trading above its crucial support level of 7,900, supported by gains in realty, power, oil & gas, and auto stocks.
The S&P BSE Midcap Index was up 0.33 per cent and BSE S&P Smallcap Index was trading 0.28 per cent higher.
The 30-share BSE Sense up 195 points at 26034. The market breadth was strong as about 1524 shares advanced against 1175 declining shares on the BSE.
Mutual fund houses continued to be bullish on the equity markets in 2015 and purchased shares worth a staggering over Rs 70,000 crore, primarily on account of strong participation from retail investors.
Shares of Tata Power gained 3.2 percent intraday Monday on signing memorandum of understanding with Russian government for investment in energy sector.
Asian stocks were steady in quiet trade on Monday, drawing heart after a rebound in crude oil that took prices away from multi-year lows.
Japan's Nikkei was also up 0.1 percent. The Nikkei, lifted in part by Japanese Prime Minister Shinzo Abe's reflationary policies, was headed for its fourth straight year of gains.
US crude gained last week thanks to falling inventories, reduced drilling and the lifting of a ban on most U.S. crude exports.

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