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Equity Research Report: Religare Morning Digest

We reiterate our sideways view as the index is trading with in broadening formation range 5780-6000 levels and either side decisive breakout is important for next directional move.
18 Sep 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - We reiterate our sideways view as the index is trading with in broadening formation range 5780-6000 levels and either side decisive breakout is important for next directional move.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 20050 19880 19804.03 19630 19420
NIFTY 5925 5875 5850.20 5800 5730
BANK NIFTY 10700 10550 10279.60 10180 10050
CNXIT 8300 8220 8154.25 7955 7850
 
Corporate News

NTPC has planned a capital expenditure of over Rs 20,000 crore during the current fiscal for its expansion.

Yes Bank has successfully closed equivalent to $255 million by way of dual currency, multi-tenor syndicated loan facility which will be utilized for general corporate purposes and trade finance.

GMR Infrastructure announced that GMR Highways has signed a definitive agreement with India Infrastructure Fund (IIF) to divest 74% stake in GMR Ulundurpet Expressways (GUEL). GMR Group will receive a consideration of about Rs 222 crore for the sale of 74% equity stake.

Dr Reddy's Laboratories received an approval from the US drug regulator for Azacitidine for injection.

Reliance Broadcast Network’s board of directors will meet on 18 September 2013 to consider delisting of equity shares of the company from the stock exchanges.

Industry News

Seeking to keep the demand for gold under check, the Reserve Bank of India has tightened the norms for loans against gold jewellery. RBI said that, ‘In order to standardize the valuation and make it more transparent to the borrower, it has been decided that gold jewellery accepted as collateral will have to be valued at the average of the closing price of 22 carat gold for the preceding 30 days as quoted by the Bombay Bullion Association (BBA)’.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
HINDUNILVR BUY 628.65 624-625 612 665 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
COLPAL BUY SEP FUT 1224.3 1210-1215 1190 1275 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 eked out small gains as index heavyweight ITC extended intraday gains in late trade and as another index heavyweight Infosys rose. The market was range bound as investors refrained from building large positions ahead of the outcome of the two-day meeting of the Federal Open Market Committee on 17-18 September 2013, and also ahead of the mid-quarter monetary  policy review by the Reserve Bank of India on 20 Sept. 2013. IT stocks gained on weak rupee. The market breadth was negative.
 
Regenerate OTP
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