INDIAN MARKET OVERVIEW
Its tug of war on Dalal Street as the bears cash in at every
bounce. Nifty future down 2 points at 7431.
The 30-share BSE Sensex up 6 points at 24492. The market
breadth was strong as about 1349 shares advanced against 1213 declining shares
on the BSE.
Housing Development Finance Corporation's (HDFC) third
quarter profit missed analysts' expectations on Wednesday, rising 6.7 percent
year-on-year to Rs 1,520.5 crore hit by higher provisions.
Shares of National Buildings Construction Corporation (NBCC)
advanced 4 percent intraday Wednesday as it has bagged work order worth of Rs
2149 crore.
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GLOBAL MARKET OVERVIEW
Asian stocks were subdued on Wednesday as a wait-and-see
mood prevailed ahead of the Federal Reserve's policy statement due later, and
with sentiment fragile after a rout in Chinese shares the previous day.
Wall Street rebounded over 1 percent on Tuesday, driven by a
surge in oil prices and strong quarterly results from 3M, Johnson & Johnson
and Procter & Gamble.
All 10 major S&P sectors ended higher, led by a
3.78-percent rise in the energy sector. The Dow Jones industrial average ended
1.78 percent higher at 16,167.23 points and the S&P 500 gained 1.41 percent
to 1,903.63.
Today’s Stock Recommendation
Technical Overview: Stock
recommendation for 28/1/2016 is Dr Reddy. In today’s trading session it was up
by 2.40%. 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 2920. All the
indicators are suggesting that one can go for long position in this stock above
2985 levels. The stock may test level of 3029-3050 in coming days.
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