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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Nifty trend for the day is expected to remain weak as long as 5630 level is not crossed.
25 Jun 2013 | 07:00 AM

June 25, 2013
Religare Retail Research  
Religare Morning Digest
    Highlights for Today
Market Outlook for the day - Nifty trend for the day is expected to remain weak as long as 5630 level is not crossed.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 18810 18650 18540.89 18410 18300
NIFTY 5685 5620 5590.25 5550 5500
BANK NIFTY 11400 11225 11178.30 11100 11000
CNXIT 6420 6360 6309.45 6250 6185
 
Corporate News

Pipavav Defence and Offshore Engineering Company has bagged a Rs 255-crore contract for maintaining and dry docking of deep water draft oil rigs. The company said it has signed significant contracts for oil and gas assets and for the first time in the country, a critical and complex work is being carried out in India in this sector.

Mahindra & Mahindra Financial Services said its board has decided not to proceed with the application for a banking license after reviewing the implications of the present guidelines issued by the Reserve Bank of India (RBI) for such an application, alongwith the clarifications issued by RBI on 3 June 2013.

Jaiprakash Power Ventures said that operations at its Vishnuprayag hydro-power plant in Uttarakhand have stopped from 16 June 2013 due to floods caused by heavy rainfall.

Shares of jewellery retailers - Gitanjali Gems , Tribhovandas Bhimji Zaveri ( TBZ ), PC Jeweller and Titan Industries slumped amid continued pressure on gold prices. Gitanjali Gems plunged 20%, TBZ plunged 5.8% and PC Jeweller plunged 8.34% respectively.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
MCLEODRUSS SELL FUTURES 286.5 289 - 290 295 274 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 closed in red on heavy selling by funds and retail investors owing to weak global cues. Metal stocks fell as a recent spike in Shanghai interbank interest rates fueled worries about the world's second-largest economy. Sterlite Industries hit 52-week low. M&M Financial Services dropped in volatile trade after the company said its board of directors has decided not to proceed with the application for a banking licence with RBI. The market breadth, indicating the overall health of the market, was quite weak.
 
 
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