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EPIC RESEARCH : Special-Report Of 24 October 2018

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Global markets at a glance

US stocks fell on Tuesday after worries about the earnings outlook added to recent selling pressure, though major indexes ended well off the day's lows as investors snapped up beaten-down shares late in the session. Shares of Caterpillar tumbled 7.6 percent after the heavyequipment maker maintained its 2018 earnings forecast, following forecast increases in the previous two quarters. 3M Co slid 4.4 percent after cutting its full-year profit outlook due to foreign currency-related challenges. That reignited worries over the impact of rising borrowing costs, wages and tariffs on corporate profits and caused S&P industrial stocks to slide 1.6 percent.Along with worries over profit growth, concerns over the upcoming U.S. mid-term elections and Italy's budget have also sent investors scrambling out of stocks. The S&P 500 energy index fell 2.7 percent, the most of any sector, as oil prices plunged after Saudi Arabia said it could supply more crude quickly if needed. Investors trimmed most of the losses in afternoon trading as some thought the losses were overdone. Technical buying at support levels around 2,700 on the S&P 500 also helped stocks to bounce back, strategists said. Asian stocks edged lower on Wednesday as concerns, ranging from worries about US corporate earnings to Middle East tensions, weighed on sentiment while crude oil approached two-month lows after Saudi Arabia flagged possible supply increases. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent, extending the decline of more than 2 percent in the previous session. Global stocks have suffered this week on worries about US earnings, Italian government finances, US trade tensions and mounting pressure on Saudi Arabia over the death of dissident journalist Jamal Khashoggi.

Previous day Roundup

The index made a small bullish candle and formed 'Long Legged Doji' pattern on the daily candlestick charts. The Nifty50 after the gap down opening traded range bound and extended losses in the second half of the session to hit an intraday low of 10,102.35. The index managed to recover some losses in late trade but still closed 98.50 points lower at 10,146.80.India VIX fell sharply by 10.87 percent at 19.03.



Yesterday the pharma sector showed a major negative trend from the initial session of the market. From the daily chart divislab is making a clear head and shoulder pattern respecting its nearest support level of 1240. Since few months the market is showing excess volatility in the starting session so it would be better to trade this stock if it maintains its level around 1240-1235 in the first hour of the market so we advice you to sell divislab future around 1238- 1235 for the targets of 1220-1200 with stoploss above 1255.


In the yesterday trading session the stock broke its crucial support level of 725 but due to market volatility it regained its losses and closed with a bullish doji candle above it. From here we can get an early sign of reversal so it would be better to follow buy on dip strategy around 728-730 for the targets of 740-750 with stoploss below 720.


The particular stock is continuously breaking its important support levels day by day. Yesterday it broke its life time low of 216.65 but closed above it due to market volatility. The stock has a tendency to show initial upside movement and rebounds from its nearest resistance level so it would be better to wait for an hour to trade on this stock. Our suggestion is to short ujjivan around 214-212 for the targets of 208-200 with stoploss above 218.


Ambuja Cements Q3: Profit falls 34.4 percent to Rs 178.6 crore versus Rs 272.4 crore; revenue rises 12.6 percent to Rs 2,613.9 crore versus Rs 2,321.8 crore YoY. Bajaj Corp Q2: Profit rises to Rs 51.65 crore versus Rs 50.71 crore; revenue increases to Rs 212.72 crore versus Rs 204.13 crore YoY.


Oil slipped below $80 a barrel on Thursday as the fourth weekly increase in U.S. crude inventories suggested ample supply, while Saudi-U.S. tension and falling Iranian exports lent support. U.S. crude inventories rose 6.5 million barrels last week, the Energy Information Administration said on Wednesday, the fourth straight weekly increase and almost three times what analysts had forecast. EIA/S. Brent crude LCOc1 , the global benchmark, was down 50 cents at $79.55 a barrel at 0840 GMT. It has dropped over $7 from a 2014 high of $86.74 reached on Oct. 3. U.S. crude CLc1 was down 28 cents at $69.47

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Submitted by Epic Research, Epic Research Pvt.Ltd indore on Wednesday, 24 October 2018 at 1:46 PM
Category: Business
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