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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INDIAN MARKET OVERVIEW
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.
GLOBAL MARKET OVERVIEW
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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