Monday, 25 January 2016

Today’s Stock Recommendation

Technical Overview: Stock recommendation for 25/1/2016 is Cairn India ltd. In today’s trading session it was up by 2.90%. 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 102.50. All the indicators are suggesting that one can go for long position in this stock above 113 levels. The stock may test level of 120-130 in coming days.
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The market staged spectacular performance on Friday with the equity benchmarks as well as broader indices rallying 2 percent each, tracking recovery in global peers (post ECB meet), rupee and oil prices. Nifty future up 139 points at 7430.
The 30-share BSE Sensex climbed 473 points at 24435. The market breadth was very strong as about 2066 shares advanced against 607 declining shares on the BSE.
Telecom ITC 's third quarter earnings missed analysts' expectations on Friday with profit rising 0.6 percent year-on-year to Rs 2,652 crore. Tax cost, slow revenue growth and higher other expenses hit bottom-line but other income managed to save profitability from shrinking.
L&T Finance Holdings , the subsidiary of engineering & infrastructure major, has reported a 16.7 percent year-on-year growth in consolidated profit at Rs 212 crore aided by net interest income.
Asian stocks gained early on Friday, after the markets were given some breathing space when the European Central Bank hinted of more monetary policy easing, while crude oil extended an overnight rally.
The Dow Jones industrial average ended 0.74 percent stronger at 15882 points and the S&P 500 gained 0.52 percent to 1868. Earlier in the day, the S&P 500 was up as much as 1.64 percent before losing most of that gain.
US crude oil extended a rally made overnight after data showed stockpiles at some US sites did not grow as much as forecast, providing participants in the battered market with an incentive to cover short positions.

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