CH CLOSING BELL:
NIFTY FUTURE UP 143 @7434
BANK NIFTY FUTURE UP 402 @ 15506
SENSEX UP 473 @24436
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INDIAN MARKET OVERVIEW:-
Bulls took a charge over Dalal Street on Tuesday as global rally post China GDP data and short covering helped equity benchmarks snap four-day loss. Nifty future up 65 points at 7438.
The 30-share BSE Sense up 291 points at 24479. The market breadth was strong as about 1729 shares advanced against 951 declining shares on the BSE.
The Reserve Bank will purchase government securities for a total Rs 10,000 crore on Wednesday to inject liquidity into the market through Open Market Operations.
Reliance Industries ‘ third quarter standalone profit beat analysts’ expectations on Tuesday, rising 10 percent quarter-on-quarters to Rs 7,218 crore on strong performance of refining business.
GLOBAL MARKET OVERVIEW
Asian shares were mostly weaker with Shanghai edging up a bit after the break as investors held fire with U.S. markets closed for the day.
China’s The Nikkei 225 fell 1.34%, while the S&P/ASX 200 eased 0.86% and Hong Kong’s Hang Seng Index was last down 1.52% while Shares edged up 0.08% on the Shanghai Composite.
European bank shares took a hit after the European Central Bank said it would quiz euro zone lenders about high levels of bad loans.
The International Monetary Fund cut its global economic growth forecast for 2016 on Tuesday as it expects a number of factors to weigh on world economies. Global growth for this year is seen at 3.4 percent, up from a 3.1 percent forecast for 2015, but 0.2 percent lower than previously forecast, the IMF’s World Economic Outlook report said.
Technical Outlook :
Nifty Technical Overview:
Nifty futures opened with slight positive note and witnessed bullish movement for the entire day and closed on positive note. Level of 7450 acted as key resistance level for the day. Tomorrow if it sustain above this level than buying can be seen up to the level of 7500-7530 above the level of 7480.
Bank Nifty Technical Overview:
Bank Nifty futures opened with almost flat note and witnessed bullish movement in initial part of the day and consolidated for remaining part of the day. Level of 15300 acted as key resistance level for the day. Tomorrow buying can be seen above 15350 if it sustain above 15200.
Today’s Stock Recommendation
Stock recommendation for 20/1/2016 is Adaniports ltd. In today’s trading session it was up by 6.18%. 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 215. All the indicators are suggesting that one can go for long position in this stock above 233 levels. The stock may test level of 245-260 in coming days.
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