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Equity Research Report: Religare Morning Digest

Market Outlook for the day -Going ahead, sustainability above 5600 mark will be the key for any further up move.
06 Sep 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day -Going ahead, sustainability above 5600 mark will be the key for any further up move.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 19250 19100 18979.76 18850 18560
NIFTY 5680 5630 5592.95 5550 5450
BANK NIFTY 9900 9760 9682.40 9480 9250
CNXIT 8300 8240 8203.40 8160 8100
 
Corporate News

Sadbhav Engineering’s subsidiary has received sanction of Rs 632.90 crore including existing debt of Rs 379.90 crore towards securitization of a road project in Ahmedabad.

REC’s wholly-owned subsidiary, REC Transmission Projects Company, transferred its wholly-owned subsidiary, Kudgi Transmission, to L&T Infrastructure Development Projects for Rs 15.19 crore.

Axis Bank spurted 15.36% on BSE after the bank said its total direct and indirect exposure to the National Spot Exchange is insignificant.

Global ratings agency Moody’s Investors Service has downgraded the subordinated debt (subdebt) and junior subordinated debt ratings of 11 Indian banks. The 11 banks are State Bank of India, Bank of Baroda, Bank of India, Canara Bank, IDBI Bank, Indian Overseas Bank, Syndicate Bank, Union Bank of India and top three private banks ICICI Bank, HDFC Bank and Axis Bank.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
BHARATFORG BUY 246.9 242-244 235 265 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
M&M BUY SEP FUT 782.3 773-775 760 815 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 jumped and the rupee rose against the dollar after the new RBI Governor Raghuram Rajan announced plans on Wednesday to bolster the financial industry and stabilize the rupee. Bank stocks jumped after Rajan said that RBI will shortly issue the necessary circular to completely free bank branching for domestic scheduled commercial banks in every part of the country. The market sentiment was also boosted after the Lok Sabha on 4 September 2013, passed the Pension Fund Regulatory and Development Authority (PFRDA) Bill 2011, an important economic legislation that will pave the way for foreign investment in the sector. The market breadth was strong.
 
Regenerate OTP
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