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Equity Research Report: Religare Morning Digest

Market Outlook for the day – 5900 levels are important support for next session or two, holding above this level we can expect a bounce while below 5900 more correction is not ruled out.
17 Jul 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - 5900 levels are important support for next session or two, holding above this level we can expect a bounce while below 5900 more correction is not ruled out.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 20050 19930 19851.23 19770 19680
NIFTY 6020 5980 5955.25 5930 5900
BANK NIFTY 11460 11350 11226.15 11170 11100
CNXIT 7360 7280 7208.80 7150 7000
 
Corporate News

Punj Lloyd plans to refinance up to Rs 1,400 crore of debt into dollar loans over the next six months to cut costs and soften the impact of a falling rupee.

CMC reported a consolidated net profit fall of 13.38% to Rs 53.12 crore on 7.12% decline in total income from operations to Rs 486.61 crore in Q1 June 2013 over Q4 March 2013.

Ashok Leyland reported a net loss of Rs 141.75 crore in Q1 June 2013 as against a net profit of Rs 66.93 crore in Q1 June 2012.

Cipla has completed the buyout process of South African pharma firm Cipla Medpro for an aggregate consideration of Rs 2,707 crore.

IL&FS Engineering bags Rs 284-cr contract from Madhyanchal Vidyut Vitran Nigam Ltd (MVVNL) for rural electrification works in Ambedkarnagar district of Uttar Pradesh.

Results on 17 July 2013: HDFC Bank, Zensar Technologies, Supreme Petrochem, Lakshmi Energy and Foods
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
CASTROL BUY 343.50 339-340 332 358 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
 
The Reserve Bank of India's (RBI) liquidity tightening measures to prevent a sharp depreciation of the rupee against the dollar announced after trading hours on 15 July 2013, pulled the market lower. Besides RBI's liquidity tightening measures, South Korean steel major Posco's decision to scrap a large steel project in Karnataka and weakness in European stocks hurt investor sentiment as the S&P BSE Sensex, fell below the psychological 20,000 mark. FMCG stocks gained on defensive buying. Index heavyweight ITC rose to record high.
 
 
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