Monday, 11 January 2016

Today’s Stock Recommendation

Sensex, Nifty continue to fall 1%; Reliance, Axis, NTPC gainers Tata Steel, Hindalco, Bharti Airtel, Coal India and BHEL are losers while NTPC, Reliance, Axis Bank and Maruti Suzuki are among gainers in the Sensex.
Today’s Stock Recommendation
Technical Overview: Stock recommendation for 11/1/2016 is Abirlanuvo ltd. In today’s trading session it was up by 3.83%. 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 2528. All the indicators are suggesting that one can go for long position in this stock above 2560 levels. The stock may test level of 2600-2640 in coming days.
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Equity benchmarks snapped four-day losses on Friday with the Nifty future closing above 7600-mark, supported by short covering in index heavyweight. Nifty future up 23 points at 7605.
The 30-share BSE Sense rose 84 points at 24934. The market breadth was strong as about 1948 shares advanced against 821 declining shares on the BSE.
Reserve Bank Governor Raghuram Rajan has made out a case for more powers to banks to deal with stressed loans in absence of an efficient bankruptcy law.
Shares of Sun Pharmaceutical Industries have rallied 2.7 percent in early trade Friday. CLSA has maintained buy rating on the stock as it expects 72 percent year-on-year growth in FY17 earnings per share of the company.

Asian markets rallied briefly after China opened in positive territory but some major markets were back in the red soon after
The Shanghai Composite was up as much as 3 percent shortly after the market open before sliding into negative territory, down 1.61 percent. Shenzhen Composite was down 3.7 percent while CSI 300 index erased gains to trade down 1.38 percent.
China is playing a dangerous game with its currency, moves that could send the global economy into recession. China's control-minded central bank allowed the biggest fall in the yuan in five months on Thursday, roiling global markets and sparking new fears about Asia's largest economy.

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