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Friday, June 24, 2016

Equity Tips

INDIAN BENCHMARKS: BLACK FRIDAY, SENSEX PLUMMETS OVER 1000 POINTS, NIFTY 50 BREAKS BELOW 8000

The S&P BSE Sensex plunged over 1,000 points in trade on Friday as EU referendum decisively favour 'leave' campaign. The fall in the index was led by losses in Tata Motors, ICICI Bank, Infosys, HDFC, HDFC Bank.

The Nifty50 slipped below its crucial support level of 8000 weighed down by losses in realty, power, metal, consumer durable, and banking stocks.

The Sensex recouped 500 points loss in last couple of hours of trade, especially after recovery in Europe but still ended sharply lower after the UK voted to leave European Union. The index fell 604.51 points or 2.24 percent to 26397.71 and the Nifty slipped 181.85 points or 2.20 percent to 8088.60.
About 1823 shares declined against 709 advancing shares on BSE.

HEADLINES OF THE DAY
Sun Pharma board approves buyback of shares
Tata Motors, Tata Steel fall on reports of vote in favour of Brexit
Gujarat HC approves Amalgamation of Advanta and UPL.

The crucial resistance for Nifty spot is now seen at 8135 and above this 8295. Support for the immediate term is now placed at 7950 and next support will be 7880.

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