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Market Update: Biocon, Tata Global lead midcap outperformance; L&T, SBI most active

The market breadth was in favour of the advances on Tuesday afternoon with 909 stocks advancing as against 746 declines. On the other hand, 1408 stocks advanced and 1209 stocks declined on the BSE.

The Indian benchmark indices on Tuesday afternoon were trading on a negative note with the Nifty down 6 points or 0.06 percent while the Sensex slipped 29 points at 33695.

The midcap index continued to outperform led by Biocon which was up 4.7 percent while IGL, Jubilant Food, CG Power, Mcleod Russel, NHPC, Siemens and Tata Global were some of the top gainers. stock tips free tips

From the Nifty, the stocks that gained the most were Indiabulls Housing Finance which was up 2 percent while UPL gained 1.6 percent. Maruti Suzuki, Zee Entertainment and HDFC  were the other top Nifty gainers.

The most active stocks were Larsen & Toubro, Axis Bank, State Bank of India and ITC.

The top losers were NTPC, Aurobindo Pharma, Bharti Infratel, ONGC and GAIL India.

From the BSE, the stocks that gained the most included Mcleod Russel India which zoomed over 7 percent while Rallis India jumped over 6 percent. NCC, Religare Enterprises and Videocon Industries were the other top Sensex gainers.

128 stocks hit new 52-week high on NSE including Automotive Axles, Axis Bank, Bajaj Electricals, Emami, Eveready Industries, KPIT, Tech, IGL, HOEC, Maruti Suzuki, Jubilant Food, Mcleod Russel, PC Jeweller, Raymond, SRF, Tata Global Beverage, Zee Entertainment among others.

From the BSE, the stocks that hit fresh 52-week high were Yuken India, Jubilant Food, Fag Bearings, Minda Industries, 8K Miles Software, Zee Entertainment, GSK Consumer, IFB Industries and Raymond among others.

The market breadth was in favour of the advances on Tuesday afternoon with 909 stocks advancing as against 746 declines. On the other hand, 1408 stocks advanced and 1209 stocks declined on the BSE.

Research and broking firm Motilal Oswal has upgraded IGL to buy with a target price of Rs 404 per share and expects 13/11/11 percent volume growth in FY18/19/20.

Technical Analyst Ashwani Gujral of ashwanigujral.com has a buy on 8k Miles with a stop loss of Rs 935, target of Rs 980 and a buy on Axis Bank with a stop loss of Rs 554, target of Rs 580.
www.shristocktips.com

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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.

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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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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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