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Equity Research Report: Religare Morning Digest

Market Outlook for the day - Traders are advised to keep cautious approach as volatility is expected to remain on the higher side in days to come.
26 Nov 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - Traders are advised to keep cautious approach as volatility is expected to remain on the higher side in days to come.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 20800 20680 20605.08 20470 20380
NIFTY 6180 6140 6115.35 6070 6040
BANK NIFTY 11240 11150 11083.40 10980 10820
CNXIT 8880 8820 8783.80 8730 8660
 
Corporate News

The boards of Pfizer and Wyeth approved the merger between the two pharmaceutical companies on Saturday, 23 November 2013. As per the merger scheme, shareholders of Wyeth will get seven Pfizer shares for every 10 shares held. The appointed date of the merger scheme would be 1 April 2013. The merged entity will create a single brand of Pfizer.

Reliance Industries has shut a secondary unit for planned maintenance at its 580,000 barrels per day (bpd) Jamnagar refinery, part of the world's largest refining complex. The unit, which removes sulphur to produce fuels such as diesel, is expected to be back online in one to two weeks.

Axis Bank rose 3% after the Bombay Stock Exchange (BSE) said it will include the company in its benchmark index, Sensex, with effect from December 23. According to a BSE circular dated November 22, Axis Bank will replace Jindal Steel & Power Ltd in Sensex with effect from December 23.

DIC India hit an upper circuit limit of 20% on BSE after the company's promoter proposed a voluntary delisting offer at an indicative offer price of Rs 260 per share.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
ABIRLANUVO BUY 1203.9 1190-1200 1170 1270 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
FEDERALBNK BUY NOV FUT 79.5 79-79.5 77 82 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
 
Key benchmark indices surged in early trade as Asian stocks rose after the US and five other world powers reached an historic agreement with Iran on Sunday, 24 November 2013, that would roll back Iran's nuclear program. The market extended initial gains and hit fresh intraday high in morning trade. Key benchmark indices were off the day's high in afternoon trade but surges in late hour trade. The 50-unit CNX Nifty regained the psychological 6,000 mark. Bank stocks rose across the board. Capital goods stocks surged. The market breadth was positive.
Regenerate OTP
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