Market Falls to Three Month Lows

Market Wrap-up:

Market falls to three-month lows as hopes of GST passage dwindle.

The bear grip tightened toady as the market fell for the sixth consecutive session as Investors remained cautious due to uncertainty over GST Bill hopes seem to fade away as well as weakness in global markets weighed on the markets.

Indian Currency:

The rupee hit a more than 2 year low against US Dollar on Friday as domestic shares fell after an underwhelming stimulus package from the ECB (European Central Bank) forcing the RBI (Reserve Bank of India) to sell dollars via state-run banks.

HEADLINES:

  • Bharat Forge falls and hits fresh low on earning warnings.
  • Jain Irrigation wins new water project in Africa worth Rs 2.20 billion.
  • Yes Bank commits USD 5 billion for climate action in India.
  • NBCC bags business worth Rs 1.93 billion in last month.
  • Havells India drops as plans to divest stake in Sylvania.

STOCKS IN FOCUS:

  • BHEL surged in an otherwise negative market on the reports that Government denies further stake sale.
  • Rajesh Exports rallied after securing new export order worth Rs 1122 crore f designer range of gold and diamond studded jewellery and medallions from the UAE.
  • Jubilant Foodworks launches winter flavors Custard Bliss dessert, Double Cheese Crunch pizza and Cheese Burst pizza in regular size for the winter season; stock dips.
  • PFC to hold a Board meeting on the 16th of this month to consider interim dividend for 2015-16; stock shown strength today.
  • Bharti Airtel slips 2 percent and hits fresh low. The stock opened at 317.25 and made a low of 308.10.
  • Shoppers Stop ends on a flat to negative note today, despite opening a new store in New Delhi.
  • Indian Oil, Oil India down shares tanks more than  a percent as planned to acquire 20 percent stake in Rosneft asset.

                                                  TECHNICAL FRONT

DAILY CALLS:

  • Marksans Pharma tanks for the fourth consecutive day and closed near its support, a strong trend line could be seen on below daily charts as well as the stock closed below 100 DMA so looks more bearish from here. SELL below 95 targets 94/93/92 SL 96.10.

  • Axis Bank EQ is hovering and sustain around its important support level and hence it is expected to give negative breakouts in the coming session. Sell below 445.90 targets 441.40/437/432.60 maintain SL of 450.50.

Fore More Market News Updates Visit www.trifidresearch.com

Leave a Reply

Your email address will not be published. Required fields are marked *