Market Commentary & Stock To Watch-09 July 2015

Metal and banking stocks led losses as key benchmark indices plunged. Intraday recovery for the benchmark indices witnessed earlier during the trading session and during the latter part of the trading session proved short lived. The barometer index, the S&P BSE Sensex, and the 50-unit CNX Nifty, both, hit their lowest closing level in more than a week. The Sensex fell below the psychological 28,000 mark. The Sensex lost 483.97 points or 1.72% to settle at 27,687.72. The steep slide for key equity benchmark indices in India was triggered by a sharp setback in Chinese stock market. A three-week selloff in China's stock market has darkened the outlook for the world's second-largest economy.

STOCKS TO WATCH

ARVIND:  

Buy ARVIND above 273 stocks may show 300/310 in coming days, Below 273 major support will be 262.

AMBUJA:                                             

Sell AMBUJA as remain below 238 we may see some new lows. Buy only above 245.

M&M FINENCE:

Buy M&M FINENCE as remain above 270 stock may show 290/300 level in coming days, below 270 major support 261.

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