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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Our bias is on the buy side and dips must be utilized to create fresh long positions till Nifty is holding above 6100 mark.
20 Dec 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - Our bias is on the buy side and dips must be utilized to create fresh long positions till Nifty is holding above 6100 mark.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 21950 21820 20708.62 20600 20400
NIFTY 6240 6200 6166.65 6130 6070
BANK NIFTY 11350 11200 11087.45 10930 10750
CNXIT 9500 9400 9329.00 9280 9200
 
Corporate News

Lakshmi Machine Works has concluded a joint development pact with Sobha Developers for the construction of residential apartments at Lakshmi Machine Works' land in Coimbatore

The Rajahmundry asset of ONGC has put its new field at ‘Kammapalem’ for direct gas supply to cater to needs of small industries.

Suzlon Group subsidiary REpower Systems SE has concluded two contracts, totaling 40 MW, with GDF-SUEZ Futures Energies.

Novelis Inc, the US subsidiary of Hindalco Industries Ltd, plans to invest $205 million (around Rs 1,270 crore) to expand its aluminum automotive grade production capacity in the US and Germany.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
DABUR BUY 167.25 CMP 163 175-177 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
HDFC SELL DEC FUT 777.8 786-789 805 763 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 lower in choppy trade as the US Federal Reserve's move to cut its bond-buying program rekindled concerns of slowing foreign inflows. The Fed on Wednesday, 18 December 2013, announced plans to cut its monthly bond purchases to $75 billion from $85 billion, taking its first step toward unwinding the unprecedented stimulus. Volatility ruled the roost in early trade as the key benchmark indices reversed direction after a firm opening. The Sensex fell below the psychological 21,000 level soon after breaching that level at the onset of the trading session. The market breadth, indicating the overall health of the market, was negative.