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Equity Research Report: Religare Morning Digest

Market Outlook for the day - Nifty is still looking weak and 6120-6100 levels are more likely to be tested in the coming trading sessions.
08 Nov 2013 | 07:00 AM
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    Highlights for Today
Market Outlook for the day - Nifty is still looking weak and 6120-6100 levels are more likely to be tested in the coming trading sessions.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 21150 20970 20822.77 20710 20560
NIFTY 6300 6240 6187.25 6150 6100
BANK NIFTY 11430 11240 11054.90 11000 10880
CNXIT 9050 9000 8956.55 8920 8870
 
Corporate News

Thermax net profit dropped 66.87% to Rs 30.16 crore on 13.85% fall in total income to Rs 1050.81 crore in Q2 September 2013 over Q2 September 2012.

India Cements reported a net loss of Rs 22.53 crore for the second quarter ending September 30, 2013.The company had reported a net profit of Rs 49.08 crore during the corresponding quarter in the previous year.

L&T said its construction division has secured new orders worth Rs 2309 crore across various business segments in October and November 2013.

Wockhardt said that the UK health regulator allowed its Kadaiya, Nani Daman facility to manufacture and supply most of the products approved to be produced at the unit.

Bajaj Electricals said its engineering and project business unit bagged power distribution projects worth Rs 757 crore under Rajiv Gandhi Gramin Vidyutikaran Yojna scheme.

Economy News

Standard & Poor’s has affirmed the ‘BBB-’ long-term sovereign credit rating on India. This is the last investment grade rating. However, the outlook on the long-term rating remains negative.

Results on November 08, 2013:Tata Motors, United Spirits, Chambal Fertilizers, Rashtriya Chemicals, IOC, Guj State Petro, Divis Lab, Crompton Greaves, PNB, Uco Bank, City Union Bank, Power Finance
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
BANKINDIA SELL FUT 221.8 223-226 230 208 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
NMDC SELL NOV FUT 138.6 141-142 145 134 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 a highly volatile trading session after global credit rating agency Standard and Poor's (S&P) warned that it may lower India's rating to speculative grade from investment grade next year, if the government that takes office after the general election fails to provide a credible plan to reverse the country's low economic growth. BSE Sensex settled below the psychological 21,000 mark. Selling pressure witnessed in Realty, banking and Power stocks and its BSE indices closed 2.62%, 2.11% and 1.97% down respectively. BSE IT index closed 1.25% up. The market breadth was negative.
 
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