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Equity Research Report: Religare Morning Digest

Market Outlook for the day - Going ahead, we expect consolidation in the broader indices and 6150 will be a crucial level to watch for.
18 Nov 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - Going ahead, we expect consolidation in the broader indices and 6150 will be a crucial level to watch for.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 20685 20530 20399.42 20230 20080
NIFTY 6150 6100 6056.15 6000 5950
BANK NIFTY 11950 10875 10811.20 10680 10530
CNXIT 9000 8930 8862.00 8830 8770
 
Corporate News

IRB Infrastructure Developers' consolidated profit after tax declined 12% to Rs 107 crore on 10% growth in total income to Rs 967 crore in Q2 September 2013 over Q2 September 2012.

Tata Power reported consolidated net profit of Rs 74.97 crore in Q2 September 2013 compared with net loss of Rs 83.80 crore in Q2 September 2012.

Alstom T&D India has been awarded contracts worth Rs 130 crore by Transmission Corporation of Andhra Pradesh Ltd (AP Transco). The deal is to supply two air-insulated substation projects to strengthen the power supply in Andhra Pradesh.

Tata Motors’s global sales of vehicles declined 11.7% to 88,881 units in October against 1,00,660 units sold in the corresponding period of 2012.However, global sales of all passenger vehicles stood at 50,814 units (49,264 units), up 3.1%.

Kaveri Seed Company consolidated net profit surged 45.96% to Rs 8.86 crore on 61.95% growth in total income from operations to Rs 103.23 crore in Q2 September 2013 over Q2 September 2012.

Economy
The headline inflation; wholesale price index or WPI, has increased to 7% in October from 6.46% in September. However, it has come down from the October 2012 number of 7.32%. Food inflation has almost tripled since last October to over 18%. Vegetable prices played a key role. Manufactured products also saw higher inflation on a yearly basis and went up to 3.25% from 2.89%.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
ABIRLANUVO BUY 1207.5 1190-1200 1175 1275 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
CANBK BUY NOV FUT 255.9 252-254 246 268 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 edged higher as firmness in European and Asian stocks boosted sentiment. RBI Governor Dr. Raghuram Rajan on Wednesday calmed the worried markets by stating that the central bank would not rush to roll back the dollar swap window for oil companies. Domestic sentiment was also buoyed with the RBI Governor soothing investors’ nerves over rupee depreciation and pegging the current account deficit at around $ 56 billion. Buying support was witnessed in Auto, Banks and Realty stocks and its BSE indices closed 2.91%, 2.66% and 2.28% up respectively.