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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Nifty has been trading within 5815-5915 levels since the past three trading sessions. An either side break from this range on a closing basis will decide the trend of the index for the coming sessions.
16 Sep 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - Nifty has been trading within 5815-5915 levels since the past three trading sessions. An either side break from this range on a closing basis will decide the trend of the index for the coming sessions.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 20050 19900 19732.76 19630 19420
NIFTY 5930 5890 5850.60 5800 5730
BANK NIFTY 10400 10260 10180.45 10000 9850
CNXIT 8300 8230 8172.65 8120 8070
 
Corporate News

Castrol will return half of its Rs 494.56-crore equity capital in its books to its shareholders by giving Rs 5 for every share they own, a first of its kind move by an Indian listed company. Shareholders will also be exempted from any tax liability.

Simplex Infrastructures was locked at 10% upper circuit after the company reported that its promoters acquired in aggregate 3.61 lakh equity shares of the company between 2 September and 12 September 2013.

Federal Bank reported that the Investment and Capital Raising Committee of the bank's board proposes to meet on 14 September 2013 to consider the record date for 5-for-1 stock split.

Divi's Laboratories shares will be included in the FTSE Asian Health Care Index starting 23 September 2013.

JSW Steel’s crude steel production grew 29% to 9.85 lakh tonnes in August 2013 over August 2012.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
LT BUY 836.4 830-835 810 885 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
HCLTECH SELL SEP FUT 1053.2 1060-1063 1082 1020 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 edged lower in choppy trade after Prime Minister's Economic Advisory Council (PMEAC) sharply trimmed India's GDP growth forecast to 5.3% for the year ending 31 March 2014 (FY 2014) from earlier estimate of 6.4%. A bout of volatility was witnessed as the key benchmark indices reversed initial losses triggered by weak Asian stocks. State-run bank stocks were in demand. Index heavyweight and cigarette major ITC reversed initial gains. Other FMCG stocks also declined. The market breadth was positive.
 
Regenerate OTP
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