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Equity Research Report: Religare Morning Digest

The overall bias is on the negative side, any bounce towards 5480-5500 levels can be considered for fresh short selling opportunity.
20 Aug 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - The overall bias is on the negative side, any bounce towards 5480-5500 levels can be considered for fresh short selling opportunity.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 18650 18410 18307.52 18140 18000
NIFTY 5530 5450 5414.75 5360 5320
BANK NIFTY 9420 9280 9145.00 9080 8960
CNXIT 7880 7830 7793.20 7750 7700
 
Corporate News

NTPC lost 1.83% to Rs 137.1 on BSE after a bulk deal of 3 lakh shares was executed on the counter at Rs 139.50 per share.

Indiabulls Real Estate purchased the entire stake of FIM and its affiliates in its 7 project subsidiaries for a total consideration of Rs 1172.16 crore.

Axis Bank slumped 6.54% to Rs 980 on NSE, with the stock extending Friday's slump triggered after MSCI said it would exclude the banking stock from its standard and large cap indices with effect from 2 September 2013.

McGraw Hill Financial has raised its stake in Crisil Ltd by acquiring 15.1% equity shares worth Rs 1,290 crore ($214 million).

Economy News

The rupee fell to another record low to 63.22 to the dollar hurt by heavy outflows from the equity market. The rupee has been the worst performer in Asia since late May, when the US Federal Reserve first signaled that it may begin tapering its monetary stimulus this year, sparking an exodus of cheap money from emerging markets worldwide.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
APOLLOTYRE SELL FUT 63.2 64-65 66 60 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
TECHM SELL AUG FUT 1299.9 1312-1315 1345 1265 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
 
A sharp setback in rupee which hit record low against the dollar and a surge in bond yields spooked investors as key equity benchmark indices extended Friday's steep losses. Banks, Auto and Pharma stocks edged lower and its BSE indices closed 3.40%, 3.13% and 2.49% down respectively. ICICI Bank, State Bank of India, HDFC Bank and Bank of Baroda hit 52-week low. The market breadth, indicating the overall health of the market, was weak.
 
 
Regenerate OTP
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