Key benchmark indices dropped in early trade on weak Asian stocks.
Index heavyweight and cigarette major ITC edged lower in early trade. Reliance
Industries also declined in early trade. The S&P BSE Sensex was down 188.91
points or 0.97%, off 72.20 points from the day's high and up 36.02 points from
the day's low. The market breadth, indicating the overall health of the market,
was weak.
Asian stocks fell on Wednesday, 3 July 2013, as concerns about
growth in China's services sector added to the selling pressure amid caution
ahead of US jobs data later in the week. Key benchmark indices in China, Hong
Kong, Indonesia, South Korea, Taiwan, Singapore and Japan were down 0.02% to
1.94%.
Today’s Market Updates :
·Asian markets were trading weak.·China’s Shanghai Composite shed 1.09 percent or 21.87 points at 1,984.69.
·Hong Kong’s Hang Seng was down 1.42 percent or 294.12 points at 20,364.53.
·Japan’s Nikkei slipped 0.63 percent or 88.55 points at 14,010.19.
·Singapore’s Straits Times was down 1.38 percent or 43.92 points at 3,129.40.
·South Korea’s Seoul Composite fell 0.49 percent or 9.13 points at 1,845.89.
·Taiwan’s Taiwan Weighted declined 0.92 percent or 73.79 points at 7,942.07.
Today’s Recommendations:
CapitalHeight’s
stock recommendation for 03/07/2013 is Axis Bank Ltd. It has been
trading in down trend from last few months. In today’s trading session, it
closed down with the loss of 2.72%. On the daily chart, it made a long black
candlestick. It is taking strong resistance at 200 DMA level which further
supports it’s down side movement. All the indicators are suggesting that we can
see some downside movement in the stock. Its short term strong support level is
around 1200. One can go for short position in Axis Bank below 1308. The stock
may test level of 1240 in near term. Our recommendation on Axis Bank is SELL
below 1308 for the Target of 1300/1285.
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Equity Tips visit at http://www.capitalheight.com/stock-tips.php or
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