Today’s Stock Recommendation

Today’s Stock Recommendation

Technical Overview: Stock recommendation for 08/2/2016 is Mindtree ltd. In today’s trading session it was up by 2.08%. 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 1505. All the indicators are suggesting that one can go for long position in this stock above 1540 levels. The stock may test level of 1580-1600 in coming days.

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MARKET UPDATE

The market ended with big gains. A potent mix of strong earnings and bargain hunting sparked a late rally on Dalal Street. Nifty future up 96 points at 7519.

The 30-share BSE Sensex up 278 points at 24616. The market breadth was strong as about 1609 shares advanced against 1029 declining shares on the BSE.

Tata Power’s revenue increased 9.4 percent to Rs 9,329.3 crore in quarter ended December 2015 compared to Rs 8,528.4 crore in year-ago period.

Pharma major Lupin's third quarter earnings beat analysts' expectations on Friday. Consolidated profit declined 11.9 percent year-on-year to Rs 530 crore but increased 29.6 percent on sequential basis.

GLOBAL MARKET OVERVIEW

Asian markets came under pressure on Friday with major indexes trading down, despite a positive finish on Wall Street overnight.

In Japan, the Nikkei extended losses, appearing set for a five-day losing streak, with the index falling 1.03 percent on the back of a stronger yen.

The Dow Jones industrial average rose 79.92 points, or 0.49 percent, to end at 16,416.58, the S&P 500 gained 2.92 points, or 0.15 percent, to 1,915.45 and the Nasdaq Composite added 5.32 points, or 0.12 percent, to 4,509.56.