Asian stocks outside Japan rose
on Thursday, 4 July 2013 after better-than-estimated U.S. jobs data added to
signs that the world’s largest economy is recovering, boosting the earnings
prospects for exporters. Key benchmark indices in Hong Kong, Indonesia, South
Korea and Singapore were up 0.17% to 1.56%. Key benchmark indices in Japan,
China and Taiwan were down 0.27% to 0.53%.
Today’s
Market Wrap
·Indian markets went down. Nifty, Sensex down by 1.48% & 1.47% respectively.·Asia-Pacific markets crashed today. Nikkei edges down over world market data.
·Wall St sinks down. GBP Services PMI at 56.9. Dow Futures down by 122 pts.
Indian
markets tumbled down over weak global cues. Rupee breaching the 60-mark and
draft norms on banks' exposure to corporates with unhedged forex triggered
all-round selling. Egypt, Portugal put markets again on risk table. Nifty down
by 86 pts, closed at 5770. Sensex down by 286 pts, closed at 19177. European
indices are trading in red.
Today’s
Recommendations:
CapitalHeight’s stock
recommendation for 04/07/2013 is DLF Ltd. It has been trading in down trend
from last few months. In today’s trading session, it closed down with the loss
of 3.90%. On the daily chart, it made a long black candlestick, which further
supports it’s down side movement. Momentum indicator stochastic has also given
negative crossover. All the indicators are suggesting that we can see some
downside movement in the stock. Its short term strong support level is around
155. One can go for short position in DLF below 174. The stock may test level
of 162 in near term.
Our
recommendation on DLF Ltd is SELL below 174 for the Target of 169/164.
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