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Sensex slips into red; Nifty below 8800; Sun Pharma weak

10:08 am Market check: The market slips into red. The Sensex is down 62.75 points or  at 28867.60 and the Nifty is down 23.10 points  at 8752.90. About 1035 shares have advanced, 837 shares declined, and 158 shares are unchanged.


The market is still holding up some portion of early gains. The Sensex is up 97.64 points at 29028.05, and the Nifty is up 24.55 points at 8800.55. About 1126 shares have advanced, 699 shares declined, and 141 shares are unchanged.

HDFC, ICICI Bank, Cipla, Sesa Sterlite and Tata Power are top gainers in the Sensex. Among the losers are Sun Pharma, Hindalco, Maruti, Hero and GAIL arelaggards.

Oil prices climbed in Asia as news of a deal to end a strike at US refineries helped reverse losses that had been fuelled by another leap in US inventories. US benchmark West Texas Intermediate (WTI) rose 12 cents to USD 47.17 and Brent climbed 31 cents to USD 57.39 in late-morning trade. WTI sank USD 1.12 in New York and Brent tumbled 46 cents in London yesterday after a government report showed surging US stockpiles, adding to a global oversupply.

The US Department of Energy on Wednesday said inventories hit a fresh record high of 448.9 million barrels last week, while stockpiles at the Cushing terminal hub in Oklahoma --the price settlement point for WTI, also increased. 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.

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

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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

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