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Equity Research Report: Religare Morning Digest

Market Outlook for the day – After the four days of successive decline, Nifty has reached near to the immediate support mark of 6100 level as per the uptrending channel formed on the daily chart so we may see some bounce technical rebound first.
16 Dec 2013 | 07:00 AM
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    Highlights for Today
Market Outlook for the day - After the four days of successive decline, Nifty has reached near to the immediate support mark of 6100 level as per the uptrending channel formed on the daily chart so we may see some bounce technical rebound first.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 20960 20810 20715.58 20620 20500
NIFTY 6250 6200 6168.40 6140 6100
BANK NIFTY 11650 11470 11366.90 11260 11100
CNXIT 9040 9000 8957.60 8930 8870
 
Corporate News

Aurobindo Pharma received the final approval from USFDA to manufacture and market Duloxetine Hydrochloride Delayed-Release Capsules in 3 strengths in the United States.

Oriental Bank of Commerce allotted 80.87 lakh equity shares at Rs 185.47 per share to the government on preferential basis.

Torrent Pharmaceuticals entered into an agreement to acquire Elder Pharmaceuticals' branded domestic formulations business in India and Nepal for about Rs 2000 crore.

KEC International Ltd which has strong presence in the engineering, procurement and construction space has secured orders worth Rs 756 crore.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
HDIL SELL FUT 48.05 48.75-49 51 44 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
ITC BUY DEC FUT 316.8 313-315 306 329 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 dropped as a sharp uptick in consumer price inflation in November 2013 raised the likelihood of the Reserve Bank of India (RBI) hiking its main lending rate viz. the repo rate at a monetary policy review next week. Banks stocks declined. Capital goods stocks declined as higher interest rates could put spanner in the works for a likely revival of investment cycle. Shares of two wheeler makers also declined. The market breadth, indicating the overall health of the market, was weak.