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Equity Research Report: Religare Morning Digest

Market Outlook for the day - It is important that the index consolidates above 6100 levels for some time and form base around this zone before acceleration towards the higher levels.
11 Nov 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - It is important that the index consolidates above 6100 levels for some time and form base around this zone before acceleration towards the higher levels.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 20940 20760 20666.15 20550 20400
NIFTY 6230 6170 6140.75 6100 6050
BANK NIFTY 11100 11030 10913.15 10830 10700
CNXIT 9050 9000 8956.90 8920 8870
 
Corporate News

Aurobindo Pharma Limited reported a 5.7% growth in net profit at Rs 235 crore for the quarter ended September 30, compared to a profit of Rs 222 crore a year ago. The company's operating income during the period increased by 27.6% to Rs 1,914 crore from Rs 1,500 crore.

Indian Bank reported a 38% drop in net profit at Rs 306 crore for the quarter ended September 2013 as against Rs 497 crore in the same period a year ago. The net interest income fell 2.3% to Rs 1,094 crore from Rs 1,120 crore in September 2012.

PNB's net profit slumped 52.6% to Rs 505 crore from Rs 1,066 crore a year earlier. Net interest income, the difference of interest earned and paid out, rose 10%.

City Union Bank has posted a growth of 4.89% in net profit at Rs 84.35 crore for the quarter ended September 30, 2013, as against Rs 80.42 crore registered during the same quarter last year.The total income stood at Rs 702.14 crore for the quarter, compared to Rs 596.03 crore during the same period of previous financial year, an increase of 17.8%.

The MSCI (Morgan Stanley Capital International) India index will see the addition of three companies, including Tech Mahindra and Yes Bank, while four entities - Bank of India, Canara Bank, Wockhardt and Unitech would be dropped with effect from November 26, 2013.

Results on November 11, 2013: Apollo Tyres, Britannia, India Glycols, BASF, Godrej Industries, Godrej Consumer, Glaxo Smithcline, Pfizer, Hexaware Tech, Central Bank, Corporation Bank, P&S bank, Vijaya Bank, Nalco, NHPC, Reliance Infra, RPower, SAIL
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
HDIL BUY 46.1 45-45.5 44 49 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
RANBAXY BUY NOV FUT 425.6 417-419 406 447 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 on the last trading session of the week as weakness in European and Asian stocks hit sentiment adversely on the domestic bourses. BSE Consumer Durables index plunged more than 2%. BSE Bankex and Oil&Gas indices also closed negative. BSE Realty and Capital Goods indices closed 1.27% and 1.15% up respectively. The market breadth, indicating the overall health of the market, was negative.
 
Regenerate OTP
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