Market Trend Today:
European stocks fell at the open on Wednesday, hit by heavy losses on Wall Street and as results from local blue chips such as brewer Carlsberg and French bank Societe Generale showed the Ukraine crisis was starting to hurt large western companies. FTSE opened gap down and twice took support from 6765 level and showed smart recovery from the low and manages to closed with moderate loss.In upcoming session range bound movement is expected. Breaking down to the 6750 area, Because of this, it appears that the market is going to pull back a little bit correction can be seen and it can test 6700 and 6650 level.
Stock Pick For Today
Jhonson Mathey Plc:
Jhonson Mathey Plc looking weak on charts and did not manages to sustain at higher level and from few trading session it has been trading in negative teritory. It is likely to show downside movement in upcoming session. Forming descending triangle ,Breaching of support level i.e 3280 downside movement is expected. Trading below 50 DMA and 89 EMA with negative bias breaching of near support level can show down side movement. One can make short position in the stock below the level of 3280 with sl of 3315 for the target of 3225.
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