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Equity Research Report: Religare Morning Digest

Doji candlestick indicates reversal in prevailing trend, therefore we may witness a bounce close to 5800 levels.
01 Aug 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - Doji candlestick indicates reversal in prevailing trend, therefore we may witness a bounce close to 5800 levels.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 19700 19520 19345.70 19180 19060
NIFTY 5850 5800 5742.00 5690 5650
BANK NIFTY 10280 10170 10015.75 9920 9800
CNXIT 7900 7800 7787.35 7740 7690
 
Corporate News

Bharti Airtel has reported a 9.6% decline in net profit to Rs 689 crore for the quarter ended June 30, 2013 compared with Rs 762 crore during the corresponding quarter last year. Consolidated revenues at Rs 20,264 crore grew 9.2% over the corresponding period last year led by 10.9% growth in Mobile India, 34% in Digital TV, 17.9% in Airtel business (B2B) and 37.1 per cent in South Asia.

Taj GVK Hotels & Resorts Ltd has posted a loss of Rs 1.34 crore for the first quarter ended June 30 against a profit after tax of Rs 3.77 crore for the corresponding quarter last year. The revenue for the first quarter was also lower by 7% at Rs 57.40 crore (Rs 64.26 crore).

ICICI Bank net profit for the quarter ended June 30, 2013 increased by 25% from a year earlier to Rs 2,274 crore aided by treasury gains and growth in interest income. Net interest income expanded 20% from a year ago to Rs 3,820 crore in the first three months of this financial year. Net interest margin improved by 26 basis points to 3.27% during the quarter.

HCL Technologies Ltd reported a 41.6% jump in net profit at Rs 1,210 crore for the quarter ended 30 June compared to the same period last year. The company's revenues during the quarter also grew by 17.3% year-on-year at Rs 6,944 crore.

Andhra Bank net profit declined by 36% to Rs 231 crore for the first quarter ended June 30, 2013, on account of higher provisioning towards non-performing assets. Net profit for the same quarter a year ago stood at Rs 362 crore.

Results on 01 August 2013: Glenmark Pharma, Cummins India, Reliance Com, Triveni Engineering, Powergrid, Bank of Baroda, Tata Global, Titan Industries, Idea Cellular, Adani Power, Adani Port, Union Bank of India, Canara Bank. Castrol India, CEAT, Tata Tele.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
SUNTV BUY 404.85 397-399 389 425 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
INDUSINDBANK BUY AUG FUT 392.10 382-384 374 405 3-5 DAYS
 
Fundamental Picks for delivery (1 - 2 Years)
Large Caps ACC, Bajaj-Auto, HCL Tech, HUL, M&M, NTPC, Sun Pharma, Lupin, ITC, L&T, TCS, Adani Ports&SEZ
Midcaps & Small Caps GCPL, Bata India, Shriram Transport Finance,
M&M Financial Services,  Havells India, Bajaj Corp Ltd, LIC housing, Yes Bank
Note – For our running recommendations and past performance, please click here
    Market Roundup
 
The Indian markets once again witnessed a persistent selling pressure in a highly volatile session as the domestic indices alternatively moved between positive and negative terrain. The two day FOMC meet will end today, July 30, 2013 which will offer further clues on how long it will maintain its bond purchases, however FED is not expected to announce any big changes in its updated policy statement but this will give a next directional move to the market. Going forward, the monthly Auto sales number and the corporates performance during Q1 would decide the market’s road ahead.
 
 
Regenerate OTP
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