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Equity Research Report: Religare Morning Digest

Market Outlook for the day – We expect positive trend to continue in near future and any decline/consolidation can be utilized as entry pivot.
16 Jul 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - We expect positive trend to continue in near future and any decline/ consolidation can be utilized as entry pivot.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 20330 20180 20034.48 19940 19800
NIFTY 6130 6070 6030.80 6000 5950
BANK NIFTY 11980 11860 11790.25 11670 11530
CNXIT 7360 7280 7225.40 7150 7000
 
Corporate News

TTK Prestige Ltd reported a 15.93% decline in profits at Rs 25.79 crore for the first quarter (Q1) of the financial year (FY) 2013-14 as compared to Rs 30.68 crore recorded in the last financial year (2012-13). The company’s total income from operations was marginally higher by 1.25% at Rs 306.33 crore as compared to the same period last year.

The Reserve Bank of India (RBI) has penalized 22 banks, including the country’s largest bank State Bank of India for violation of its instructions, among other things, on Know Your Customer (KYC)/Anti Money Laundering (AML) norms.

Sadbhav Engineering secured a contract worth Rs 183.57 crore from Sardar Sarovar Narmada Nigam in Gujarat for constructing Kachccha Branch canal reach.

Economy News

The wholesale price index (WPI) based inflation for June came in at 4.86%, slightly higher than 4.7% in the previous month. WPI inflation in the food articles category rose to 9.74 per cent, driven mainly by a price rise in onion, cereals and rice. The rate of price rise in food articles, which has a 14.34% share in the WPI basket, was 8.25% in May. Inflation in onion shot up by 114% in June, from 97.40 in the previous month.

Results on 16 July 2013: NIIT Technologies, Ashok Leyland, Development Credit Bank, IDBI Bank
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
TATAGLOBAL BUY 154.05 151-152 148 162 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
DLF BUY 180 CE @ 5.5 & SELL 190 CE @ 2.5 3.0 - 1.0 6.0 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 edged higher after the data showed that core inflation eased further in June 2013. The Sensex regained the 20,000 level after six weeks on emergence of buying support in frontline stocks amid firm global cues. The market sentiment was boosted by data showing that foreign funds remained net buyers of Indian stocks on Friday. The Sensex uptrend was led by realty index 1.94%, followed by FMCG 1.19% and capital goods 0.89%. On the other hand, power and IT indices closed marginally negative.
 
 
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