The BSE
benchmark rallied more than 400 points in intraday trade on Thursday, driven by
broad based buying and rupee appreciation. The Sensex rose 384.92 points or
1.97 percent to close at 19902.07, and the Nifty advanced 129.65 points or 2.24
percent to 5909.70.
◘ US Markets:
Markets finished broadly lower with the Dow closing below
the psychologically-important 15000 mark. Trading was jittery as speculation
circulated that the US could now face a worst case scenario, where Congress
fails to address the debt ceiling and the country defaults. A jarring warning
from treasury predicting a catastrophic outcome if that happens added to the
nervousness. The market recovered some of its losses around midday when house
speaker John Boehner was reported to have told Republicans that he is
determined to prevent a default and is willing to pass a measure through a
combination of votes if need be. But then stocks dipped again on reports the
Capitol building was under lockdown due to a shooting event, the situation was
brought under control though.
◘ Asian Markets: Nikkei,
Hang Seng down.
Asian markets were trading weak on Friday.
Hong Kong's Hang Seng shed 0.67 percent or 154.48 points at 23,059.92.
Japan's Nikkei slipped 1.14 percent or 161.79 points at 13,995.46.
Singapore's Straits Times was down 0.21 percent or 6.65 points at 3,138.14.
South Korea's Seoul Composite fell 0.61 percent or 12.16 points at 1,987.31.
Taiwan's Taiwan Weighted shed 0.20 percent or 16.72 points at 8,342.30.
Shanghai Composite shut today.
◘ European Markets:
European markets closed mixed The euro trades above 1.362
against the dollar, within striking distance of its 2013 peak of 1.37. Pushing
higher for a second session as the dollar remains pinned at 8-month lows.
Sure shot stocks to buy Today on 04th October'2013
√ Larsen and Toubro
Buy Larsen and Toubro, Target Rs 880 and Stoploss Rs 805
Rationale: Larsen and Toubro (L&T) has recently done a
short-term correction. It has retraced 50 percept of the previous rise. In
terms of wave structure, here on fresh set of impulse is expected to form on
the upside which would mean significant upside potential for the counter from
short-term as well as medium-term perspective. In the last session, the stock
has moved above its crucial daily moving average.
√ Petronet LNG
Buy Petronet LNG,
Target Rs 128 and Stoploss Rs 118
Rationale: After a multi-month fall, Petronet LNG is forming
a large inverted head and shoulders pattern, which is a basing pattern.
Currently, right shoulder of the pattern is in formation. The stock is a good
buying candidate from trading perspective as well as from investment point of
view. Short-term as well as medium-term momentum indicators are in bullish
mode.
√ ITC
Sell ITC October
futures at current market price, Target Rs 330 and Stoploss Rs 348.50
Rationale: Fast moving consumer goods (FMCG) counters like
ITC is trading in some kind of narrow range and some kind of negative crossover
was seen on daily charts. So it is quite possible that some kind of lower
levels up to Rs 330 could be expected soon.
√ NTPC
Sell NTPC October
futures, Target Rs 140 and Stoploss Rs 148
Rationale: Despite of good bullish momentum in the market,
it is quite possible that some stocks like NTPC is not showing strength on the
upside. So it is quite possible that some kind of lower levels could be
expected soon in this counter.
√ TCS
Buy TCS at current
level, Target Rs 2080 and Stoploss Rs 1985
Rationale: It has a good breakout happening yesterday.
√ Cairn India
Buy Cairn India,
Target Rs 338 and Stoploss Rs 321
Rationale: Cairn India was quoting below the 20 day moving
average (DMA) for quite some time and yesterday it sprung back and closed above
it.
