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Equity Research Report: Religare Morning Digest

Market Outlook for the day - Strong buying in the last hour of trade helped the index close above 6000 mark thus we maintain our positive view for the coming sessions.
23 Sep 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - Strong buying in the last hour of trade helped the index close above 6000 mark thus we maintain our positive view for the coming sessions.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 20500 20350 20263.71 20140 20000
NIFTY 6090 6040 6012.10 5970 5930
BANK NIFTY 11050 10800 10686.80 10480 10350
CNXIT 8240 8180 8132.80 8100 8000
 
Corporate News

Sterlite Grid, a subsidiary of Sterlite Technologies, has secured two transmission projects worth about Rs 650 crore from Power Finance Corporation.

IVRCL Ltd has bagged orders worth Rs 841.73 crore through its water and irrigation divisions to be executed within 24 to 36 months.

The Cabinet approved HPCL’s project of setting up of a refinery in Barmer, Rajasthan. It will have 9 milion tonnes annual capacity.

Tech Mahindra announced its entry into the higher education sector with the inauguration of a premier engineering institution named Mahindra Ecole Centrale.

Economic News

In the mid quarter policy review, RBI increased the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 7.25% to 7.5% with immediate effect. It has also reduced the marginal standing facility (MSF) rate by 75 basis points from 10.25% to 9.5% with immediate effect; reduced the minimum daily maintenance of the cash reserve ratio (CRR) from 99% of the requirement to 95%.
 
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
PETRONET BUY 125.15 122-124 119 135 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
POWERGRID SELL SEP FUT 101 102-103 105 98 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 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 dropped in a choppy trading session after the Reserve Bank of India, in a surprise decision, raised its key policy rate viz. the repo rate by 25bps to 7.5% from 7.25% after a monetary policy review. Bank stocks trimmed steep intraday losses after the RBI Governor said that the RBI has implemented the full liberalization of bank branching, with some safeguards to encourage Inclusion. Cement stocks rose on hopes construction activity will pick up as monsoon season draws to a close.