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Equity Research Report: Religare Morning Digest

Market Outlook for the day - As it being the expiry week, volatility is expected to be on the higher side. Thus day traders are advised to keep a cautious approach.
25 Nov 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - As it being the expiry week, volatility is expected to be on the higher side. Thus day traders are advised to keep a cautious approach
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 20530 20370 20217.39 20140 20000
NIFTY 6100 6050 5995.45 5970 5930
BANK NIFTY 10950 10770 10677.35 10560 10450
CNXIT 8880 8820 8785.45 8700 8660
 
Corporate News

Uflex divested 75% of its holding (4800 fully paid and non-assessable shares of $5000 each) in its wholly-owned subsidiary, Flex Films (USA) Inc, to its another wholly-owned subsidiary, Flex Middle East FZE, Dubai.

United Spirits rose 4.98% on NSE after ratings agency ICRA upgraded its ratings on the term loans, fund based facilities, non-fund based facilities and fixed deposits of the company.

Cairn India jumped 3.36% on NSE after the company said its board will meet on 26 November 2013, to consider a proposal for buyback of equity shares of the company.

Union Bank of India raised additional capital of Rs 2,000 crore through the issue of unsecured redeemable non-convertible tier-II bonds.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
PNB SELL FUT 520.1 BELOW 515 528 480 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
GAIL BUY NOV FUT 328.9 324-326 320 339 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
 
Immense volatility was witnessed during the last one hour of trade as key benchmark indices closed flat after reversing intraday gains. Bank stocks fell in volatile trade after the Reserve Bank of India (RBI) on Thursday, 21 November 2013, said it would focus on the monitoring of banks' asset quality and help improve the poor debt recovery process in the country. Steel stocks rose on renewed buying. The market breadth, indicating the overall health of the market, turned negative from positive in late trade.