Stock to Watch Today: 1 Feb 19: Sunteck Realty Limited

Sunteck Realty Limited has formed a consolidation in between 325-340 and has also given a breakout on the upside. The rally from the lows has been on strong momentum indicated by long body bullish candle and good volumes indicating buying participation. The stock has been consolidating with gains above the previous high of 349 for the last couple of weeks.

The RSI and Parabolic SAR indicating given positive crossover along with MACD convergence on the daily charts. Thus, the stock can be bought at current levels 340-342 and a stop loss below 325 for targets of 352-365.

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Market Commentary :

At the close, the Sensex was up 665.44 points at 36256.69, while Nifty was up 179.20 points at 10831. About 1403 shares have advanced, 1138 shares declined, and 131 shares are unchanged.

AXISBANK, GAIL, INFY, TITAN, TATAMOTORS were the top gainers among Nifty 50 stocks while YESBANK, ZEEL, BAJAJFINSV, IBULHSGFIN, HCLTECH were the top losers.

News Highlights:

•Vedanta Q3 profit falls 21% on lower commodity prices, Srinivasan Venkatakrishnan to be new CEO.

•Unemployment in India stood at 6.1 percent in 2017-18, the highest in 45 years, in the Periodic Labour Force Survey (PLFS) done by the National Sample Survey Office (NSSO), Business Standard reported. The report, which is yet to be made public, states that this level of unemployment was last seen in 1972-73.

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