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Equity Research Report: Religare Morning Digest

Market Outlook for the day - As of now, momentum is in favor of the bulls and 6350 as major resistance level.
21 Jan 2014 | 07:00 AM

    Highlights for Today
Market Outlook for the day - As of now, momentum is in favor of the bulls and 6350 as major resistance level.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 21420 21325 21205.05 21080 20960
NIFTY 6370 6342 6303.95 6285 6240
BANK NIFTY 11260 11150 11007.50 10920 10835
CNXIT 10300 10230 10154.00 10060 9970
 
Corporate News

Reliance MediaWorks surged 19.07% to Rs 55.25 on BSE, after the company's board of directors approved proposed delisting offer.

UltraTech Cement net profit fell 38.44% to Rs 370 crore on 1.46% decline in net sales to Rs 4786 crore in Q3 December 2013 over Q3 December 2012.

South Indian Bank rose 3.95% on BSE after the central bank allowed foreign investors to buy shares in South Indian Bank as the foreign shareholding in the bank has gone below the prescribed limit.

Dewan Housing Finance Corporation net profit rose 51.69% to Rs 138.39 crore on 54.78% increase in total income to Rs 1301.36 crore in Q3 December 2013 over Q3 December 2012.

Results on 21st January 2014: Ashok Leyland, Colgate Palmolive, Eclerx Serv, Kotak Mahindra Bank, Mcleod Russel, Tata Coffee, Thermax, Torrent Pharma, Zensar Tech.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
RCOM BUY 133.30 128-130 126 139 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
ADANIPORT BUY JAN FUT 151.60 149-150 145 157 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, State Bank of India

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 after Reserve Bank of India (RBI) announced Open Market Operations to ease the strain on liquidity in the banking system. Market jumped soon in the opening trade but trimmed gains after hitting fresh intraday high. The Sensex further trimmed intraday gains in early afternoon trade. Key benchmark indices retained positive zone in mid-afternoon trade. The Sensex extended gains in late trade. Among sectoral indices BSE IT index was the major gainer and closed 2.83% up.
 
Regenerate OTP
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