Indian rupee kicked-off trade at 62.45 per dollar on Wednesday, up 5 paise compared to previous close of 62.50 per dollar.
Asian shares were lower on Wednesday
China’s Shanghai Composite fell 2.16 points to 2,180.91
Hong Kong’s Hang Seng declined 15.48 points to 23,665.80.
Japan’s Nikkei 225 Average was down 54.92 points to 15,460.32
Singapore’s Straits Times slipped 3.14 points to 3,170.37
South Korea’s Seoul Composite declined 9.72 points to 2,012.92.
Taiwan Weighted gained 40.08 points to 8,288.10.
SELL BF UTILITIES (LCP-339.75) BELOW 338 TG-332-325
BUY HCL TECH(LCP-1059.75) ABOVE 1062 TG-1070-1080
BUY ECLERX (LCP 1139.5) ABOVE 1142 TG-1150-1162
BUY TECH MAHINDRA(LCP-1719.55) ABOVE 1721 TG-1731-1745
CH WORLD MARKET UPDATE
HANG SENG -1
SGX NIFTY -20
CH BANK NIFTY TREND – CONSOLIDATE
BANK NIFTY FUTURE LEVELS
SUPP 1: 10820
SUPP 2: 10650
RES 1: 11270
RES 2: 11450
CH GOOD MORNING
NIFTY TREND: CONSOLIDATE
NIFTY SPOT LEVELS
SUPP 1: 6030
SUPP 2: 5975
RES 1: 6110
RES 2: 6150
Indian markets fared low on Wednesday, tracking cues from their global counterparts. Spain sells 1-year debt at record-low yield. U.S. stocks dip in quiet session, await Fed cue; Dow loses 0.7%. Bernanke backs Yellen: Taper depends on economy. Nifty down by 80 pts, closed at 6122. Sensex down by 255 pts, closed at 20635. Europe is in red.
CapitalHeight’s stock recommendation for 21/11/2013 is Crompton & Greaves .Ltd. It has discontinued its short term downtrend and has taken an upswing since from last few days. In today’s trading session, it was up by 1.16%. On the daily chart, it has made a white candlestick; its long term trend is positive and is expected to continue it. Momentum indicator stochastic has also given positive crossover. All the indicators are suggesting positive mood of the stock. Its short term support level is around 109. One can go for long position in this stock above 110. The stock may test level of 113-114.
Our recommendation on Crompton & Greaves is LONG above 110 for the Target of 112.
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