Wednesday, 3 February 2016

INDIAN MARKET OVERVIEW



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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