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Equity Research Report: Religare Morning Digest

Nifty is trading close at its resistance territory (5630-5650), for any meaningful run-up it is important that the index crosses and sustains above this level on a closing basis.
13 Aug 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - Nifty is trading close at its resistance territory (5630-5650), for any meaningful run-up it is important that the index crosses and sustains above this level on a closing basis.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 19210 19060 18946.98 18850 18700
NIFTY 5700 5650 5612.40 5580 5530
BANK NIFTY 9970 9850 9711.40 9660 9500
CNXIT 7950 7890 7841.45 7800 7740
 
Corporate News

State Bank of India has reported a 14% dip in its first quarter standalone net profit at Rs 3,241 crore against Rs 3,752 crore in the corresponding year ago period. SBI’s gross non-performing assets rose to 5.56% of total advances (from 4.99 per cent a year ago).

Tech Mahindra reported a 27% jump in consolidated net profit at Rs 686.3 crore for the quarter ended June 30, 2013, led by broad-based growth across sectors such as manufacturing, media and entertainment.

Punj Lloyd has bagged Rs 358 crore order from Chennai Petroleum Corporation Ltd (CPCL) to build the Sulphur Block of Resid Upgradation Project at its Manali refinery near Chennai.

India Cements’ net profit for the April-June quarter dipped by 73% to Rs 16.82 crore. It had clocked net profit of Rs 62.07 crore in the same quarter a year earlier. Total expenses were up to Rs 1,115 crore from Rs 993 crore. It consumed power and fuel worth Rs 330 crore from Rs 288 crore a year earlier.

Indraprastha Gas Ltd reported a marginal 2.95% increase in net profit for the first quarter of 2013-14. The supplier of compressed natural gas (CNG) and piped natural gas (PNG) reported profit after tax of Rs 87.57 crore during April-June 2013 against Rs 85.06 crore in the same period of the previous year.

GVK Power and Infrastructure posted consolidated net loss of Rs 31 crore for the quarter ended June 30, 2013, against that of Rs 64 crore during the same quarter last year. Net income from operations also dropped to Rs 600 crore in the quarter, from Rs 819 crore in the first quarter of last fiscal.

Results on 13 August 2013: Alok industries, BPCL, Educomp Solutions, GMR Infra, IOCL, IVRCL, Oil India, Voltas.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
RCOM SELL FUT 126.15 128-129 130 118 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
HAVELLS BUY AUG FUT 632.1 625-627 616 652 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 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 pared intraday gains in choppy trade as European stocks dropped. Sensex able to cross the psychological 19000 mark but settled below that level. Market opened positive in the morning trade and extended intraday gain and hit fresh intraday high in afternoon trade. Metal and mining stocks gained. BSE Metal index closed 4.5% up. FMCG and Pharma stocks also gained and its BSE indices closed more than 2% up. The market breadth was strong.