Market Wrap-up:

MARKET UPDATES.

Finally, Benchmark share indices saw some respite after suffering for fourth straight trading sessions amid buying at lower levels after valuations turned attractive post the sharp correction in the previous session. Value buying was seen in index heavyweights like Tata Motors, TCS, Infosys, BPCL & Reliance Ind as well as recovery in the rupee & firm Asian cues saw the indices to close with smart gains.

HEADLINES:

  • Media shares were in the limelight; Sun TV, Eros Media surged.
  • ITC plans to invest Rs. 4500 crore in West Bengal.
  • Lupin gets nod from USFDA for Generic Generess tablets.
  • Canara Bank gains as plans to raise Rs. 900 crore.
  • Reliance Industries surged after block deals.
  • JP Associates gain as signs agreement with Shree Cement.
  • DLF gains on the back of multiple block deals.

STOCKS IN NEWS:

  • Tech Mahindra moved higher after announcing a global tie-up with MetricStream.
  • Glenmark initiates IND-enabling studies of antibody for cancer treatment. Stock ends on a flat note.
  • Wipro gains after appoints Bhanumurthy BM as Chief Operating Officer (COO).
  • Mphasis moved higher by 3 percent on the back of bourses; Japan’s NEC mulls acquisition
  • Deep Industries surged on nod for transfer of PI in CBM Block to arm.
  • 8K Miles gains 2 percent ahead of its December quarter earnings.
  • Sun Pharma gains as one of its arm gets tentative USFDA approval for anti-epileptic drug.

STOCK RECOMMENDATION:

  1. 1.   Godfryphilp EQ.

Godfryphlp EQ is heading towards in near term resistance, Long Run may continue if able to sustain above it. Buy above 1458 targets 1472.60/1487.30/1502.20 SL 1443.

  1. 2.   8kmiles EQ.

8kmiles EQ closed near its immediate resistance, buying momentum could be seen in stock, if able to sustain above 2410 marks, it may lead towards its fresh high i.e. of 2465. Buy above 2410 targets 2434.10/2458.50/2483.10 SL 2385.

WEEKLY NIFTY SPOT VIEW

Nifty spot is trading near around its important support levels, i.e. 7539 bears occur if able to break it and sustain below this mark. In weekly charts Nifty saw selling pressure from 100 DMA which indicates more selling pressure in coming sessions.

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