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Equity Research Report: Religare Morning Digest

Market Outlook for the day - Considering the broader scenario, we may see index retesting its all-time high (6357.10) in near future but one should be selective at current juncture and utilize decline to initiate fresh longs.
21 Oct 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - Considering the broader scenario, we may see index retesting its all-time high (6357.10) in near future but one should be selective at current juncture and utilize decline to initiate fresh longs.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 21150 20990 20882.89 20730 20670
NIFTY 6270 6230 6189.35 6150 6100
BANK NIFTY 11150 10960 10744.90 10550 10410
CNXIT 9120 9015 8893.85 8660 8550
 
Corporate News

PVR has entered into an agreement for the sale of its Anupam Multiplex property in New Delhi for a total consideration of Rs 52 crore.

Bharti Airtel has acquired 100% stake in Wireless Business Services (WBSPL), a company founded by US chipmaker Qualcomm.

Gujarat Industries Power Company cancelled the letters of intent issued to infrastructure company Lanco Infratech for the implementation of a 2X300 Mw lignite-based expansion power project.

Blue Star Infotech’s consolidated net profit fell 24.81% to Rs 3.06 crore on 16.34% growth in total operating income to Rs 69.06 crore in Q2 September 2013 over Q1 June 2013.

Results on October 21, 2013:
Dewan Housing, HDFC, Karnataka Bank, M&M Finance, Orbit Corp, Rallis India.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
HINDUNILVR BUY 606.1 602-604 590 635 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
SBIN BUY OCT FUT 1673 1655-1660 1620 1740 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
 
The markets ended the week on a higher note on speculation that the 16-day partial US government shutdown this month will curb economic growth in the world's biggest economy and lead the Federal Reserve to maintain monetary stimulus to the US economy into 2014. Metal and mining stocks gained after the latest data showed that China's GDP growth accelerated in Q3 September 2013. PSU OMCs rose after the Reserve Bank of India reported that its dollar window for oil marketing companies remains open; the RBI had opened a special window to provide dollars directly to oil companies since late August in a bid to shore up a battered rupee.