Stock to Watch For Today: Insecticides India

Insecticides India has been trading between levels of 619 and 580 odd levels for the last two weeks. The price is currently trading close to its breakout level and has given a breakout from Bollinger band with the expansion of band.

Currently, the RSI indicator of trend strength on the daily chart has moved above the neutral level of 20 indicating uptrend is likely to sustain. We recommend buying Insecticides India around 620-621 for the target of 635-650, keeping stop loss below 604.

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Market Commentary

The Sensex was down 119.51 points at 36034.11, while Nifty was down 37.70 points at 10793.70. About 968 shares have advanced, 1544 shares declined, and 128 shares are unchanged.

Adani Ports, India bulls Housing, UPL, Tata Motors and HDFC were the top gainers on the Nifty, while losers included Eicher Motors, IOC, HPCL, GAIL and ONGC.

News Highlights

•Bosch Q3 profit jumps 19%: Automotive solutions provider Bosch’s third quarter profit grew by 19.3 percent year-on-year to Rs 335.4 crore despite tepid revenue growth and lower operating income. The profitability growth was driven by other income.

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