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Equity Research Report: Religare Morning Digest

Market Outlook for the day - There are higher chances of a bounce back on the back of oversold positions and existence of important supports.
17 Dec 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - There are higher chances of a bounce back on the back of oversold positions and existence of important supports.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 20900 20730 20659.52 20550 20400
NIFTY 6230 6180 6154.70 6120 6070
BANK NIFTY 11650 11470 11372.95 11260 11100
CNXIT 9300 9170 9110.25 9060 9020
 
Corporate News

Elder Pharmaceuticals tumbled 9.25% to Rs 270.7 on BSE, extending Friday's 8.17% fall triggered by the company selling its domestic formulation business to Torrent Pharmaceuticals for a consideration of Rs 2004 crore.

Clariant Chemicals (India) reported that the company announced its intent to acquire Plastichemix Industries, a pioneer in the master batches business in India.

TCS is upgraded to strategic partner for Royal HaskoningDHV on the basis of delivering exceptional results.

Tata Chemicals fell 1.59% to Rs 263.16 on BSE after the RBI restricted foreign institutional investors from purchasing shares of the company as the foreign shareholding in the company has reached the trigger limit.

Aurobindo Pharma jumped 12.96% to Rs 350 on BSE, with the stock extending Friday's gains triggered by the company receiving the final approval from USFDA to manufacture and market a generic medicine in the United States.

Economy News
Costly vegetables, particularly potato and onion, pushed the November wholesale inflation to a 14-month high of 7.52 per cent. Vegetable prices shot up by 95.25 per cent in November as compared to 78.38 percent in the previous month. Overall inflation in the food segment comprising wheat, pulses, vegetables and milk, among others, was at 19.93 per cent, up from 18.19 per cent in October.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
BIOCON BUY 389.35 383-386 376 410 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
TECHM BUY DEC FUT 1752.85 1725-1730 1679 1802 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
 
Fears of a hike in its main lending rate viz. the repo rate by the Reserve Bank of India (RBI) after a monetary policy review this week weighed on the bourses after the latest WPI data showed acceleration of inflation to a 14-month high of 7.52% in November 2013. The market was volatile as the Sensex alternately swung between positive and negative terrain throughout the day. The Sensex and the CNX Nifty hit, both, hit their lowest level in more than two weeks. The market breadth, indicating the overall health of the market, was negative.
 
Regenerate OTP
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