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Equity Research Report: Religare Morning Digest

Market Outlook for the day – After the vertical decline, we may see index to witness some technical rebound first before the next leg of correction. Hence, traders can be utilized the same to build fresh short positions.
07 Jan 2014 | 07:00 AM
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    Highlights for Today
Market Outlook for the day - After the vertical decline, we may see index to witness some technical rebound first before the next leg of correction. Hence, traders can be utilized the same to build fresh short positions.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 21045 20940 20787.30 20640 20520
NIFTY 6275 6240 6191.45 6140 6100
BANK NIFTY 11300 11200 11049.05 10920 10800
CNXIT 9740 9700 9640.75 9610 9580
 
Corporate News

Four Soft was locked at 5% upper circuit on BSE after the company’s board will meet on 8 January 2014, to consider the proposal for acquisition of Deals15.com from Premium Web Services.

Reliance Infrastructure and Tata Power fell by 0.42% and 2.56%, respectively after media reports suggested that the state government in Maharashtra is planning to cut power tariffs.

McNally Bharat Engineering secured two orders aggregating Rs 14.16 crore.

Heidelberg Cement said that it has completed the sale and transfer of its cement grinding facility at Raigad, Maharashtra to JSW Steel.

L&T said L&T Construction won new orders worth Rs 2962 crore across various business segments.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
MCDOWELL-N BUY 2725.80 2670-2700 2640 2820 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
ITC BUY JAN FUT 317.40 313-315 309 325 3-5 DAYS
 
Fundamental Picks for delivery (1 - 2 Years)
Large Caps

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
 
Key benchmark indices edged lower in choppy trade after Markit Economics said business conditions in the Indian private sector economy continued to deteriorate in December 2013. Market reversed direction after a positive start and hit intraday low in mid-afternoon trade. The Sensex and CNX Nifty, both, hit 2-1/2-week low. Key indices trimmed losses in late trade. In the Pharma pack, Lupin scaled record high. Bank stocks dropped. Shares of offshore oil services providers edged higher on renewed buying.