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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INDIAN MARKET OVERVIEW
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.
GLOBAL MARKET OVERVIEW
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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