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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Nifty needs to consolidate around current levels and sustain above 5600 on closing basis so that a bounce may materialize, 5760 levels to act as crucial resistance in immediate term.
24 Jun 2013 | 12:00 AM

June 24, 2013
Religare Retail Research  
Religare Morning Digest
    Highlights for Today
Market Outlook for the day - Nifty needs to consolidate around current levels and sustain above 5600 on closing basis so that a bounce may materialize, 5760 levels to act as crucial resistance in immediate term.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 18960 18840 18774.24 18630 18470
NIFTY 5730 5690 5667.65 5620 5570
BANK NIFTY 11580 11430 11340.15 11200 11000
CNXIT 6470 6440 6381.85 6330 6260
 
Corporate News

Cipla Ltd has received approval from the authorities of South Africa and Botswana for the $512 million takeover offer to acquire Cipla Medpro.

The Cabinet cleared government's 5% stake sale in Neyveli Lignite (NLC), which would help garner around Rs 466 crore to the exchequer.

Sintex Industries slumped 5.25% on NSE triggered by the National Stock Exchange's decision to exclude the stock from the futures and options segment.

Reliance Capital has decided to suspend the sale of gold in physical form and also as an investment product across all its businesses and subsidiaries.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
CADILAHC BUY 774.70 770-775 745 839 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
WIPRO BUY JUN FUT 343 340-342 336 353 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
 
Key benchmark indices edged higher in volatile trade on firm European stocks. Capital goods stocks reversed intraday gain on worries the ongoing slowdown in the economy could restrict new orders. Shares of two wheeler makers gained. Shares of PSU banks dropped. Jindal Steel & Power (JSPL) tumbled on high volume to hit 52-week low. The market breadth, indicating the overall health of the market, was negative.
 
 
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