MARKET WRAP: Sensex slips 174 pts, Nifty at 11,692 as Rupee hits record low

In individual stocks, oil-to-telecom giant Reliance Industries (RIL) settled 1.8 per cent lower at Rs 1,294 level on the BSE.

8:40 AM

Top trading ideas by Prabhudas Lilladher:

 

BUY STERLITE TECH

CMP: Rs 365.15

TARGET: Rs 410

STOP LOSS: Rs 342

 

The stock has made a series of higher bottom formation pattern in the daily chart and currently, also a similar pattern has been formed with a positive bullish candle moving above the significant 34WMA moving average and strength has been maintained for further upside momentum. The RSI has made a steep rise with a trend reversal and with the stock moving in an upward trend, we recommend a buy in this stock for an upside target of 410 keeping a stop loss of 342.

 

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8:36 AM

Nifty outlook by Prabhudas Lilladher:

 

Market is precariously overbought with few main frontline stocks supporting the index like RIL, Bank Nifty though succumbing to some selling, however, the trend remains intact. The support for the day is seen at 38,650/11,670 while resistance is seen at 39,120/11,800. Bank Nifty would have a range of 28,000-28,520. Pharma sector, though, positive has taken a breather while Metal & Auto look promising from here on along with HDFC Twins.  

8:32 AM

Today's picks

 

Tata Steel 

Current price: Rs 590

Target price: Rs 598

Keep a stop at Rs 585 and go long. Add to the position between Rs 596 and Rs 597. Book profits at Rs 598.

 

YES Bank 

Current price: Rs 370

Target price: Rs 364

Keep a stop at Rs 374 and go short. Add to the position between Rs 365 and Rs 366. Book profits at Rs 364. Target prices, projected movements in terms of next session, unless otherwise stated 

8:28 AM

Oil prices inch up on Iran sanctions, but rising global supply caps market

 

Oil markets were stable on Wednesday, buoyed by falling supplies from Iran ahead of US sanctions but held in check by rising production outside the Organization of the Petroleum Exporting Countries.

 

International Brent crude oil futures were at $75.98 per barrel, up 3 cents from their last close. US West Texas Intermediate (WTI) crude futures were up 3 cents at $68.56 a barrel.

8:25 AM

SGX Nifty

 

Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 10 points or 0.09 per cent. Nifty futures were trading around 11,749-level on the Singaporean Exchange.

8:21 AM

Asian markets trade flat, Nikkei marginally up

 

Asian share markets were left in limbo on Wednesday as optimism over the US-Mexico trade deal was quickly replaced by caution ahead of a looming deadline on tariffs with China. A flat finish on Wall Street and a dearth of major economic data across the region pointed to a quiet session ahead. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up just 0.02 per cent in early trade.

 

Japan's Nikkei rose 0.3 per cent, while EMini futures for the S&P 500 added 0.11 per cent.

8:18 AM

Wall Street ekes out gains as Canada takes trade spotlight

 

The S&P 500 and the Nasdaq edged up to record closing highs for the third consecutive session as investors struggled over whether to take profits following a rally on positive developments in trade disputes which have vexed the markets. Technology companies led the advance, offset by declines in energy, telecom and materials sectors, among others.

 

The Dow Jones Industrial Average rose 14.38 points, or 0.06 per cent, to 26,064.02, the S&P 500 gained 0.78 points, or 0.03 per cent, to 2,897.52 and the Nasdaq Composite added 12.14 points, or 0.15 per cent, to 8,030.04.

8:15 AM

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