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Equity Research Report: Religare Morning Digest

Market Outlook for the day – On the daily chart Nifty is still looking weak hence traders are advised to uphold short positions till it sustains below 6225 levels on closing basis.
08 Jan 2014 | 07:00 AM

    Highlights for Today
Market Outlook for the day - On the daily chart Nifty is still looking weak hence traders are advised to uphold short positions till it sustains below 6225 levels on closing basis.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 21000 20850 20693.24 20600 20500
NIFTY 6270 6220 6162.25 6140 6090
BANK NIFTY 11280 11150 11036.75 10900 10800
CNXIT 9650 9600 9522.75 9450 9375
 
Corporate News

JSW Investments, has raised its stake in JSW steel maker to over 5% by buying 4.85 lakh shares from the open market.

Claris Lifesciences board has approved the buyback of upto 92.50 lakh equity shares at Rs 250 per share aggregating to Rs 231.25 crore.

L&T’s Saudi Arabian subsidiary has secured a major international engineering, procurement and construction order from the Saudi Arabian Oil Company.

Ramky Infrastructure reported that a consortium of 50:50 joint venture between the company and IL&FS Transportation Networks has secured a road project in Andhra Pradesh.

Wockhardt rose 1% on BSE after a media report suggested that the US drug regulator is likely to visit the company's factory at Shendra in Maharashtra for an inspection this month.

Industry News

India’s steel consumption grew by just 0.5% to 53.789 million tonnes during April-December period of this fiscal. The consumption of finished steel, a key indicator of the health of an economy, was at 53.52 MT in the first eight months of the last fiscal, 2012—13.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
SAIL SELL JAN FUT 68.25 68.75-69.50 72 64 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
CENTURYTEX SELL JAN FUT 313.75 316-318 324 305 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. Market opened higher in early trade on firm Asian stocks. A sudden slide took key benchmark indices to negative zone from positive zone in morning trade. Recovery in mid-afternoon trade helped it to recoup almost entire intraday losses. Intraday recovery in mid-afternoon trade proved short lived as the Sensex weakened again in late trade.