Thursday, December 18, 2014

Nifty has witnessed a correction of 666 points or 7.7 percent from the high of 8627 in just 9 trading sessions, which indicates the severity of the bear-onslaught. However, the level of 8000 would continue to provide the necessary bulwark for the bulls. The Nifty is now trading at 8098.55 up 68.55 points. 
Resistance: 8140 / 8170
Support: 8000 / 7950
The US market ended higher on Wednesday after the Federal Reserve replaced its pledge on keeping rates near zero from "for a considerable time' to 'can be patient' at the end of its two day Open Market Committee meet.
The key Asian indices rose today, tracking gains in US equities.
Fundamentally speaking, the domestic indices are expected to recover following dovish remarks by the US Federal Reserve on rate hike and continue to trade in the Green. 
Today's call: Buy A2Z Maintenance and Engineering Services Ltd at Rs.16.40 (in the BSE), for a target of Rs.18.5--26, in the short to medium term. Rakesh Jhunjhunwala is still  holding substantial stake in the company.
Jaiprakash Power Ltd is now trading at Rs.12, up 3.89 per cent in the NSE. Also, another of my recommended counter, ARSS Infrastructure Ltd is up more than 5% and is  now treading at Rs.36.50. Both the scrip would give decent returns from here, in the short term. 
Allied Digital Services Ltd another of my earolier reommnded counter today moved to Rs.22.50, up 3.21%. Meanwhile, there were media reports that, TATA CONSULTANCY SERVICES LTD has set an ambitious target of recording $1 billion in revenue from France within the next five years. This is a positive  news for whole, of the IT Sector.  
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