Wednesday 19 November 2014

UK Stock Market Last Session's Overview


London Stock Exchange
London shares closed comfortably in positive territory on Tuesday on upbeat economic news and strong corporate results.The FTSE 100 Index closed 37.16 points ahead at 6709.13 as UK house prices reached a new high in September, according to data from the Office of National Statistics (ONS). The FTSE as you can see broke higher during the course of the day on Tuesday, breaking the level of 6700 For upcoming Session market is bullish, and short term correction is expected. It can go higher and probably aim for the 6900 level,with the support of 6600 .

TOP GAINER
Name
Close Price
Change %
Tullow Oil
475
3.01
British Sky Broadcasting Group
890
2.52
Randgold Resources Ltd
4428
2.44
Sports Direct International
651
2.32
Burberry Group
1586
2.07

TOP LOSER

Name
Close Price
Change %
Rio Tinto
3004
-1.77
Reckitt Benckiser Group
5230
-1.69
Ashtead Group
1048
-1.6
Standard Chartered
924.2
-1.29
Easy Jet
1525
-1.23


   Stock pick of the day : Tesco Plc


RECOMMENDATION BUY
TARGET 210
The primary trend of Tesco Plc is bearish and it's consolidating near to resistance level crossing of the resistance can show northward journey .Stock is sustaining above the trend line with positive bias, crossing of the psychological level of 198 it can show fresh buying .One can initiate long position in the stock above the level of 198 with the stop loss of 194 for the target of 210.

CHART FORMATION:-
Stock has given the break out of falling trend line and forming bullish pattern breaching of the level 2000 it can show upside movement.
It's trading above the 50 DMA &facing resistance from 200 DMA with the positive bias.

INDICATORS:-
RSI is trading above the 50 level and showing consolidation , crossing of 60 level it can test the level of 70.
Macd & Signal line is about to give break out above Zero level line which is indicating strength in the stock.

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