Friday, 19 February 2016

INDIAN MARKET OVERVIEW

INDIAN MARKET OVERVIEW
The market extended rally for second consecutive session on Thursday, rising over a percent, especially driven by short covering in beaten down stocks. Positive Asian cues and rally in oil prices also boosted sentiment but the Nifty failed to hold 7200 due to mixed European cues.
Drug major Dr Reddy's will buyback around 44.85 lakh shares, accounting for about 2.6 percent of the existing paid up capital of the company, for up to Rs 1,569.4 crore.
Andhra Bank today reported a 82.91 percent plunge in net profit at Rs 34.46 crore for the third quarter ended December 31, on higher bad loans. The bank's net profit was Rs 201.71 crore in the corresponding October-December quarter of 2014-15.
Utility vehicle manufacturer Mahindra and Mahindra (M&M) disappointed analysts on all parameters Friday by reporting a 15 percent decline in third quarter consolidated profit at Rs 820.5 crore year-on-year.

Today’s Stock Recommendation 
Technical Overview: Stock recommendation for 19/2/2016 is Pidilite industries. In today’s trading session it was up by 3.42%. 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 605. All the indicators are suggesting that one can go for long position in this stock above 625. The stock may test level of 640-660 in coming days.

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