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Equity Research Report: Religare Morning Digest

Market Outlook for the day – The index has rallied more than 10% in the past four trading sessions, traders are advised to trail stop losses for long positions as profit taking may be witnessed in the near term.
11 Sep 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day -The index has rallied more than 10% in the past four trading sessions, traders are advised to trail stop losses for long positions as profit taking may be witnessed in the near term.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 20300 20160 19997.10 19790 19550
NIFTY 6000 5950 5896.75 5820 5750
BANK NIFTY 10500 10300 10188.25 10080 9950
CNXIT 8500 8450 8411.05 8360 8300
 
Corporate News

Ashoka Buildcon has emerged as the lowest bidder for a power project worth Rs 609.62 crore in Tamil Nadu.

Pratibha Industries secured a water supply contract worth Rs 418.36 crore from PHED in Ajmer, Rajasthan.

Jindal Steel & Power announced that the proposed buyback offer will open on 16 September 2013.

Telecom stocks rose after telecom regulator TRAI recommended a sharp 60% cut in the floor price of mobile phone spectrum for an upcoming auction after two previous sales drew a lukewarm response because of a high reserve price.

Industry News

Domestic passenger car sales grew 15.37% to 1,33,486 units in August compared with 1,15,705 units in the same month last year, snapping a nine-month-long decline. According to SIAM, the total two-wheeler sales in August 2013 grew 6.68% to 11,28,598 units from 10,57,925 units in the same period last year. Total sales of commercial vehicles declined 23.11% to 51,334 units from 66,767 units. Total sales of vehicles across categories registered a growth of 4.47% to 14,12,512 units in August 2013 from 13,52,025 units in the same month of 2012.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
MARUTI BUY 1336.65 1315-1325 1290 1395 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
RPOWER BUY SEP FUT 68.9 67-68 65 73 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 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 extended gain after the noon trade as the rupee hit two-week high against the dollar on receding geopolitical risks from Syria. Both European and Asian markets were up as data showed China’s economy is improving and Russia bid to get Syria to surrender its chemical weapons. Gains in global markets boosted sentiment. Domestic sentiment was also propped up on heavy capital inflows after the RBI announced a slew of measures last week to attract capital inflows, boost economic growth and arrest the rupee’s fall. Sensex closed 3.7% up and Nifty closed 3.8% up.