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Equity Research Report: Religare Morning Digest

Considering the Monday's move, we'll see further decline in the near term. The next crucial support zone exist between 5550-5630 level.
01 Oct 2013 | 07:00 AM
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    Highlights for Today
Market Outlook for the day - Considering the Monday's move, we'll see further decline in the near term. The next crucial support zone exist between 5550-5630 level.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 19640 19480 19379.77 19280 19020
NIFTY 5820 5770 5735.30 5630 5550
BANK NIFTY 9880 9720 9617.80 9500 9250
CNXIT 8260 8220 8167.80 8120 8070
 
Corporate News

Transformers and Rectifiers’ production at its Changodar Plant is currently disrupted due to two accidents and is expected to recommence in next one or two days only.

MCX shares will be deleted from the MSCI global small cap indices effective on Wednesday, 2 October 2013, MSCI said in a statement late on Friday, 27 September 2013.

Electrosteel Steels reported that the application of the company for restructuring of its debts to the tune of Rs 6181.20 crore has been approved by CDR EG under the CDR mechanism.

Liberty Phosphate and Coromandel International separately approved merger of the company with Coromandel through a Scheme of Arrangement.

Lupin received final approval from USFDA to market a generic version of Warner Chilcott Company, LLC's Ovcon 35 Tablets in the United States.

Economy News

Q1FY14 CAD at 4.9% at Rs 21.8 bn vs 15.9 bn (yoy).  
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
CENTURYTEX SELL FUT 243.40 247-249 253 234 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
ACC BUY OCT FUT 1125.6 1110-1115 1093 1145 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 Amara raja batteries, 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
 
Indian stocks dropped on the last trading session of month as stocks fell across the globe. BSE Sensex, and the CNX Nifty, both, hit their lowest level in more than three weeks. Bank stocks extended Friday's losses triggered by RBI governor Raghuram Rajan's comments that the RBI is still worried about high inflation, even when taking out volatile food prices. Shares of power generation and power distribution companies edged lower in weak market. The market extended losses in late trade. The market breadth was weak.
 
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