Friday, 15 January 2016

EQUITY MARKET TUMBLEDOWN; STOCKS HAD A GREAT FALL IN PAST WEEK


BUY TAKE ABOVE 142 TG 144,147 SL 140
RUSHIL CALL FINAL TGT ACHIEVED
Fear-factor is very high; valuations are nice “bears has tighten the seat belt & took the nifty below level of 7450.  Sensex and Nifty closed down for the second consecutive session on Friday For the most part of the day, the Indian market indices traded with a negative bias. Nifty opened at 7438 touched a high of 7567 and low of 7427 before ending with a loss of 99 at 7427 .But, selling picked up pace in the last hour of trade as rupee weakened to its lowest level of 67  against the US dollar in over two years. Weak trading in the European markets also added to the selling pressure in the Indian stock markets.
Vedanta was the top Nifty loser, the stock slumped 8.2% to Rs 72. Crude oil took a fresh plunge today, falling below USD 30 a barrel as the market braced for more Iranian oil exports, with the lifting of international sanctions possible within days. crude crashed 5% to USD 29  a barrel and Brent slipped 4% to USD 29 a barrel GAIL India, State Bank of India, Cairn India, Idea Cellular, ICICI Bank, Tata Motors, Tata Steel, Zee Entertainment, Axis Bank and Larsen & Toubro were also among the losers, down near 3% each while  BPCL, Tech Mahindra, HCL Technologies, Reliance Industries and Dr Reddy's Labs were among the gainers. The only thing that people need to be convinced about is earnings. Till results season ends there could be weakness continuously. The large-cap stocks could correct purely on a sentiment basis.

 

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