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Equity Research Report: Religare Morning Digest

Nifty is strongly placed at the current levels and there are higher chances that 5650 will be tested in the near future.
03 Sep 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day -Nifty is strongly placed at the current levels and there are higher chances that 5650 will be tested in the near future.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 19200 19040 18886.13 18740 18600
NIFTY 5650 5600 5550.75 5500 5460
BANK NIFTY 9340 9230 9139.50 9080 8900
CNXIT 8700 8500 8396.90 8350 8300
 
Corporate News

Ashok Leyland's sales of commercial vehicles excluding small commercial vehicle (SCV) Dost fell 25% to 4,939 units in August 2013 over August 2012. Sales of SCV Dost declined 22% to 2,200 units in August 2013 over August 2012.

Hero MotoCorp reported 3.64% rise in total sales to 4.59 lakh units in August 2013 over August 2012.

Bajaj Auto's motorcycle sales declined 8% to 278,583 units in August 2013 over August 2012. Sales of commercial vehicles fell 17% to 33,605 units in August 2013 over August 2012. Export sales gained 10% to 144,160 units in August 2013 over August 2012.

Maruti Suzuki India's domestic sales jumped 51.6% to 76,018 units in August 2013 over August 2012. Export sales spurted 180.9% to 11,305 units in August 2013 over August 2012.

Tata Motors' total domestic sales fell 33.71% to 44,717 units in August 2013 over August 2012. The company's sales from exports jumped 11.91% to 4,894 units in August 2013 over August 2012.

TVS Motor’s total two-wheeler sales fell 1.5% to 1.48 lakh units in August 2013 over August 2012.

Economy

India’s manufacturing sector activity contracted for the first time in over four-and-a-half years in August as both output and business orders witnessed a significant decline. The HSBC/Markit purchasing managers index for the manufacturing industry stood at 48.5 in August against 50.1 in July, indicating an overall contraction.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
TATASTEEL BUY 289.4 284-285 276 305 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
CANBK BUY SEP FUT 208.8 203-205 197 219 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
 
Key benchmark indices closed in green on the first trading day of Sept 2013. Market opened firm in the morning trade as firmness in global stocks boosted sentiment. Global stock markets gained after a gauge of China's manufacturing rose to a 16-month high, boosting investor confidence in the global economic recovery. Metal, FMCG and Realty stocks performed better and its BSE indices closed more than 3% up. All 13 BSE sectoral indices closed in green. The market breadth was strong.