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Sensex, Nifty continue to tumble; DLF rises 9%, ONGC gains



The market continues to slide in afternoon trade. The Sensex is down 273.61 points or 0.9 percent at 28656.80 and the Nifty is down 80.25 points or 0.9 percent at 8695.75. About 940 shares have advanced, 1655 shares declined, and 182 shares are unchanged.

Sun Pharma, Axis Bank, Wipro, BHEL and Bajaj Auto are among losers in the Sensex. Gainers include ONGC, Coal India, NTPC and HDFC.

Securities Appellate Tribunal (SAT) has quashed Securities and Exchange Board of India's (SEBI) order against DLF's three-year ban from capital markets, stating that the market is not justified in condemning the real estate developer in conducting its business. Shares of DLF soared 9 percent after the tribunal's order.

Meanwhile, demand for gold picked up across Asia this week as bullion prices dropped to their lowest level in three months after the longest losing streak in more than 40 years, but caution still prevailed, traders said.

Gold, trading at about USD 1,158 an ounce, touched USD 1,147.10 on Wednesday, the lowest since December 1. The metal fell for nine straight sessions to Thursday, the longest losing streak since 1973.

The lower prices attracted bargain-hunters across Asia, the top consuming region, although wariness over the price outlook kept a lid on purchases. More information please visit this site www.shristocktips.com

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Nifty could slip towards 9,900; 3 stocks which could give up to 11% return

A close beyond 10,400 levels with healthy volumes can pause the current bearishness triggering a short covering to levels of 10,640-10,730.

The Nifty index Futures continued to slide lower for the second month in a row making it 10 percent decline from the record highs. Further, it has broken down from a broadening wedge pattern along with a close below the 200-DMA, affirming weakness dominant in the markets at the moment.

A sustained trade below 10,050 can accelerate the fall to levels of 9,930-9,700. However, a close beyond 10,400 levels with healthy volumes can pause the current bearishness triggering a short covering to levels of 10,640-10,730.

Moreover, the relative strength index or the RSI has turned down from the neutral levels of 50 on two occasions in recent pullbacks suggesting further weakness in the coming trading sessions.

Here is the list of stocks which can give up to 11 percent return:

Arvind Ltd: SELL| Target Rs345| Stop Loss Rs410| Return 11%

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The Indian markets on Friday morning were trading flat with the Nifty shedding 51 points or 0.49 percent  while the Sensex was down 178 points.

The Nifty PSU banking index was up 0.6 percent led by stocks like Syndicate Bank which jumped 5 percent followed by Allahabad Bank which gained over 3 percent. IDBI Bank and OBC were the other gainers. PNB gained 2.38 percent.

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The share price has declined from a peak of Rs 480 to Rs 373 (22 percent) in last two months.

Bharti Infratel shares declined 1.5 percent to close at Rs 368 on Tuesday after HDFC Securities has reiterated its Sell rating on the stock with revised target price at Rs 310 (from Rs 387 per share) despite sharp fall in last two months. INDIAN STOCK TIPS

The share price has declined from a peak of Rs 480 to Rs 373 (22 percent) in last two months.

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