Market snaps three-day winning streak
Key benchmark indices edged lower, with a lion's shares of the losses materializing during the last one hour or so of trade. The barometer index, the S&P BSE Sensex, lost 255.69 points or 1.22%, off close to 260 points from the day's high and up about 55 points from the day's low. The Sensex and the 50-unit CNX Nifty, both, hit their lowest level in nearly one week. The market breadth, indicating the overall health of the market, turned negative from positive in late trade. Indian stocks dropped due to caution ahead of the release of the minutes from the US Federal Reserve's last meeting, possibly providing clues to the timing of its plan to slow monetary stimulus to the US economy. The US central bank currently buys bonds worth $85 billion a month in a bid to hold interest rates low and encourage economic growth in the world's biggest economy. Fed's bond-buying program has been a source of liquidity for most Asian and emerging markets this year. The minutes of the Fed's 29-30 October 2013 meeting will be released later in the global day today, 20 November 2013. In the foreign exchange market, the rupee edged lower against the dollar on demand for greenbacks by state-run oil refiners and on weakness in domestic equities.
NOTE : AFTER 1ST TGT HIT KINDLY REVISED SL TO COST PRICE !
TRADING CALLS
CASH
BUY BHARATFORGE 285 SL 279 TGT 289 / 295
BUY HUL 580 SL 572 TGT 586 / 595
SELL HDFCBANK 651 SL 663 TGT 645 / 634
SELL CAIRN INDIA 320 SL 326 TGT 315 / 309
DISCLAIMER : THE AUTHOR IS NOT RESPONSIBLE FOR ANY LOSSES DURING ANY TRADE THIS IS MY VIEW !!
The total turnover on BSE amounted to Rs 2126 crore, higher than Rs 1963 crore on Tuesday, 19 November 2013.
The market breadth, indicating the overall health of the market, turned negative from positive in late trade. On BSE, 1,268 shares declined and 1,247 shares rose. A total of 143 shares were unchanged.
Among the 30-share Sensex pack, 27 stocks declined and only three of them gained.
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