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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Broadly the bias would remain on the positive side till Nifty is upholding above 5650 levels but intermediate volatile moves will continue to cause trouble.
08 Oct 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - Broadly the bias would remain on the positive side till Nifty is upholding above 5650 levels but intermediate volatile moves will continue to cause trouble.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 20180 20030 19895.10 19760 19640
NIFTY 6000 5950 5906.15 5860 5820
BANK NIFTY 10330 10170 10082.10 10000 9730
CNXIT 8600 8500 8461.55 8420 8360
 
Corporate News

Indian Oil Corporation emerged the only bidder for the State Government’s 31 per cent shareholding in the joint sector Haldia Petrochemicals Ltd.

Bharat Engineering Co Ltd received an order worth 127.46 crore for a civil, structural and piping job at Bharat Petroleum Corporation's project (phase-II) at Kochi.

Apollo Tyres rose 4.7% on growing uncertainty about the status of the company's $2.5 billion deal to buy US-based Cooper Tire & Rubber Company.

Coal India fell 3.24% on reports the government is likely to dilute 5% stake in the company via follow-on public offer in December 2013.

JSW Steel acquired Heidelberg Cement India’s 0.6mtpa cement grinding facility in Raigad, Maharashtra.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
GAIL BUY 335 332-334 327 350 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
JINDALSTEL BUY OCT FUT 242.5 238-240 256 232 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 closed in red in a volatile and weak trading session. Market opened negative in the morning trade but off lows after the noon session. The market staged strong intraday rebound in late trade. Buying support emerges in IT, Metal and Pharma stocks while profit booking was seen in Banking and PSU stocks. Coal India dropped on reports that the government will offload its 5% stake in the company by way of follow-on public offer (FPO) in December. The market breadth turned positive from negative in late trade.