INDIAN MARKET OVERVIEW
Equity benchmarks as well as broader markets crashed more
than 1 percent amid late sell-off on Tuesday, following correction in global
peers and oil prices. Nifty future down 90 points at 7474.
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The 30-share BSE Sensex down 285 points at 24539. The market
breadth was strong as about 1423 shares advanced against 1278 declining shares
on the BSE.
Sun Pharma plunged 4 percent despite launch of generic
version of cancer drug Gleevec in US and getting US FDA approval for
Buprenorphine Hydrochloride
Bajaj Auto gained 1.5 percent after reporting a 2 percent
increase in January sales at 2.93 lakh units on yearly basis.
GLOBAL MARKET OVERVIEW
Asian shares wobbled on Tuesday as crude oil prices slid on
rekindled oversupply fears and after downbeat manufacturing data raised
concerns about global momentum.
Strong gains in Facebook and Alphabet helped Wall Street cut
losses and stage a late-day rally, with major indexes closing near the
unchanged mark.
The Dow Jones industrial average was down 17 points to
16449, the S&P 500 had lost 0.86 points to 1939 and the Nasdaq Composite
had added 6.41 points to 4620.
US economic data showed manufacturing activity contracted in
January for a fourth straight month as factories grappled with a strong dollar
and lower oil prices forced energy firms to further cut spending, but the pace
of the decline appeared to be slowing.
Today’s Stock Recommendation
Technical Overview: Stock recommendation for 03/2/2016 is Atul.
In today’s trading session it was up by 3.94%. 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 1463. All the indicators are suggesting that one
can go for long position in this stock above 1505 levels. The stock may test
level of 1550-1600 in coming days.
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