Sensex tanks 300 pts, Nifty breaks 8900; banks, IT drag
• Indian markets ended flat. Nifty and Sensex up by 0.17% and 0.23%.
• Asia-Pacific mkts. mixed. Hang seng down by 1.13% and Nikkei up by 0.26%.
• Wall Street down.EUR final core CPI stood at 0.6%. Dow futures down by 40 pts.
The market is slipping away under selling pressure. The Sensex is down 363.81 points or 1 percent at 29085.14 and the Nifty is down 119.70 points or 1 percent at 8818.05. About 615 shares have advanced, 1129 shares declined, and 164 shares are unchanged
The Nifty shed 95.15 points or 1.06 percent to 8842.60. About 315 shares have advanced, 634 shares declined, and 113 shares are unchanged on the BSE.
TCS, ICICI Bank, HDFC Bank, Axis Bank, HDFC, Infosys, Sun Pharma, L&T, SBI, ONGC, M&M and Sesa Sterlite lost 1-3 percent while Dr Reddy's Labs, Reliance Industries and Coal India gained. The Indian rupee slipped 45 paise at 62.61 per dollar against Thursday's closing value of 62.16 a dollar.
Stock Recommendation
Capital Height’s Stock recommendation for 5/3/2015 is Beml ltd. In today’s trading session it was up by 5.78%. Its long term trend is up. On daily chart it has given upside breakout. Stochastic and RSI has also given buying confirmation. On daily chart its short term support level is 998. All the indicators are suggesting that one can go for long position in this stock above 1040 levels. The stock may test level of 1080-1120 in coming days.
Our recommendation on Beml ltd. is LONG above 1040 levels for tgt of 1080-1120.
Today’s Stock Market Tips
SELL BEML (LCP-1040.35) BELOW 1036 TG-1028-1020
SELL NBCC (LCP 1060.95) BELOW 1056 TG-1048-1040
SELL MCX (LCP 1226) BELOW 1222 TG-1213-1203
SELL TATA ELEXI (LCP-1439.35) BELOW 1434 TG-1425-1415
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