LIVE: Sensex gives up some gains, slips below 25,000, Nifty50 holds 7,600; Tata Steel gains
The BSE Sensex staged a smart recovery and rallied over 200 points in early trade after China markets recovered and rose more than 2 per cent on Friday after Beijing deactivated a circuit breaker mechanism blamed for aggravating market crashes this week.
BUY TATA ELEXI ABOVE 2090 TG-2103-2115 SL 2063.3
BUY NILKAMAL ABOVE 1380 TG-1388-1398 SL 1363.3
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Today’s Stock Recommendation
Technical Overview: Stock recommendation for 8/1/2016 is Monsanto ltd.. In today’s trading session it was up by 3.49%. Its long term trend is up. It has made a long green candle indicating further buying in daily chart. Its short term support level is 2393. All the indicators are suggesting that one can go for long position in this stock above 2440 levels. The stock may test level of 2500-2550 in coming days.
Tata Steel was trading with gains of 0.96 per cent at Rs 252.50 after its Sukinda Chromite Mine (SCM) in Odisha’s Jajpur district become the first mine in India to roll out a pilot project on Sustainable Development Framework (SDF), a concept proposed and promoted by Union Mines Ministry for the development of culture of sustainable mining. Sensex was trading 114.40 points up at 24,966.23. Nifty was trading 36.35 points up at 7,604.65.
GLOBAL MARKET OVERVIEW
Asian shares down sharply as trading halt again hits Shanghai. The Shanghai Composite Index was last down 7.32% to 3115.89. The S&P/ASX 200 eased 1.90% and the Nikkei 225 fell 1.78%.
Trading on the Shanghai Stock Exchange was halted Thursday about 30 minutes after opening when the benchmark Shanghai Composite fell 7.21% triggering the circuit-breaker system.
US stocks closed at their lowest level since early October on Wednesday, weighed down by fresh concerns over China and slower global growth and as energy shares tumbled with oil prices.
The Dow Jones industrial average ended down 252 points to 16906, the S&P 500 lost 26 points to 1,990.26 and the Nasdaq Composite dropped 55 points 1.14 percent to 4835.