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Equity Research Report: Religare Morning Digest

Market Outlook for the day - Considering the volatile moves in index, we expect consolidation to take place within broader range of 5550-6000 level. Meanwhile, one should concentrate on stock specific approach and avoid high beta counters.
03 Oct 2013 | 07:00 AM
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    Highlights for Today
Market Outlook for the day - Considering the volatile moves in index, we expect consolidation to take place within broader range of 5550-6000 level. Meanwhile, one should concentrate on stock specific approach and avoid high beta counters.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 19790 19640 19517.15 19430 19280
NIFTY 5870 5820 5780.05 5750 5700
BANK NIFTY 10200 10030 9883.30 9750 9600
CNXIT 8260 8220 8181.65 8150 8100
 
Corporate News

Mahindra & Mahindra Ltd’s Farm Equipment Sector tractor sales rose 37% to 25,922 units in September 2013 compared with 18,908 units in September 2012.

JSW Steel plans to set up its second steel processing center in Pune with its joint venture partner Marubeni Itochu Steel Inc, Tokyo, with an investment of Rs 204 crore.

TVS Motor Company has registered a 16% increase in its total sales at 1,97,409 units in September.

NHPC plans to join hands with private sector players for developing hydel power projects. In this regard, the company has held preliminary discussions with various independent power producers.

Maruti Suzuki India Ltd has witnessed a surge in sales in its super compact model Dzire in September even as utility vehicles and vans saw a sharp tumble in sales.

Economy News

The HSBC India Manufacturing Purchasing Managers’ Index (PMI) for the manufacturing industry stood at 49.6 in September, higher from 48.5 in August, but remained below the crucial 50 mark (below which it indicates contraction) for the second consecutive month.
Retail inflation for industrial workers eased marginally in August at 10.75% compared with 10.5% in July. In August, the consumer price index for industrial workers (CPI-IW) rose by 2 points at 237.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
AUROPHARMA BUY 209 204-206 195 225 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
DENABANK BUY OCT FUT 47.1 46-47 45 51 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
 
In early trade as key benchmark indices slipped into the red after a firm opening triggered by higher Asian stocks. Intraday volatility continued as key benchmark indices recovered after trimming almost entire intraday gains in mid-morning trade. The Sensex extended intraday gains and hit fresh intraday high in afternoon trade. Market extended gain in late hour trade. Capital goods and bank stocks gained on renewed buying. Realty stocks also edged higher on renewed buying. The market breadth was positive.
 
Regenerate OTP
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