Stock Market News by TradeIndia Research
Stock Market Live News: Nifty hovers around 9150; Indiabulls Real, Hindalco most active
By: TradeIndia Research
The 30-share BSE Sensex was up 27.14 points at 29,488.59 and the 50-share NSE Nifty gained 6.10 points at 9,156.90.
Adani Group stocks were on buyers' radar as Adani Ports, Adani Enterprises, Adani Power and Adani Transmission gained 2-4 percent.
HDFC, Reliance Industries and ICICI Bank continued to support the market whereas ITC, HDFC Bank and Infosys were under pressure.
The rupee pared initial losses to rebound smartly by 10 paise to 64.31 against the American currency in late morning trade on fresh bouts of dollar selling by banks and exporters amidst bearish US dollar overseas.
The rupee opened almost flat at 64.42 as against last Thursday's closing level of 64.41 per dollar at the Interbank Foreign Exchange (Forex) Market here today.
The domestic currency hovered in a range of 64.44 to 64.2875 during morning deals before quoting at 64.31 per dollar at 1025hrs.
Meanwhile, the dollar index was trading down by 0.16 per cent at 100.39 against a basket of six currencies.
Nifty below 8950 to signal trend reversal; 5 stocks which can give up to 12% return
A truncated week ended the Thursday session with a loss of 52.65 points or 0.57 percent at 9,150.80 on the NSE. The index broke its last three sessions' narrow range of 90 points (9,160 – 9,250) on the downside and closed below 20-DMA for the first time in the last three month.
This observation indicates weakness in the short-term and prices may see a further correction towards 8,950 – 9,000 levels. Thus, 9,250 – 9,275 remains strong resistance zone.
Here is a list of top 5 stocks, which can deliver up to 12 percent return in the short term based on technical parameters:
· Bank of Baroda: BUY| Target Rs 191| Stop Loss 163| Return 8 percent
· Engineers India: BUY| Target Rs 172| Stop Loss Rs142| Return 9.5 percent
· HDFC: BUY| Target Rs 1575| Stop Loss Rs 1445| Return 6.7 percent
· Bharti Airtel: SELL| Target Rs 297| Stop Loss Rs 355| Return 12.7 percent
· JSW Steel: SELL| Target Rs 175| Stop Loss Rs 205| Return 8 percent
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