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Equity Research Report: Religare Morning Digest

Market Outlook for the day - Any further fall from the current levels will open the gates for a down side move towards 5950 levels as Nifty’s 100 EMA is placed around this level.
27 Nov 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - Any further fall from the current levels will open the gates for a down side move towards 5950 levels as Nifty’s 100 EMA is placed around this level.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 20670 20550 20425.02 20270 20150
NIFTY 6140 6100 6059.10 6010 5970
BANK NIFTY 11120 11000 10909.35 10830 10700
CNXIT 8860 8800 8758.30 8730 8660
 
Corporate News

IDBI Bank fell 1.6% on BSE after global ratings firm Standard & Poor's downgraded its rating on the bank to below investment grade citing expectations for weaker asset quality.

Hospitality stocks rose after the central bank widened the definition of infrastructure lending to include hotels with project costing more than Rs 200 crore. The Reserve Bank of India (RBI) on Monday, 25 November 2013, widened the definition of infrastructure sector lending to include hotels with project costing more than Rs 200 crore in any place in India and of any star rating as well as convention centres with project worth Rs 300 crore.

United Spirits fell 1.52% on BSE after Diageo offered to sell a majority of the Whyte & Mackay whisky business due to competition concerns in the UK.

L&T said it sold a 0.06 per cent stake in L&T Finance Holdings for Rs 7.68 crore. L&T sold 7.06 lakh shares through the NSE, which fetched Rs 5.42 crore. It received Rs 2.26 core by selling 2.94 lakh shares on the BSE.
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
HCLTECH BUY 1059.75 1050-1055 1035 1120 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
BAJAJ-AUTO BUY DEC FUT 1952.2 1935-1940 1905 2020

 

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 edged lower in choppy trade, selling intensified towards the latter part of the trading session. Weakness in Asian and European stocks hurt the investor sentiment adversely. Banks, PSU and Oil&Gas stocks plunged and its BSE indices closed 1.52%, 1.36% and 1.23% down respectively. Buying support was witnessed in Auto and Power stocks and BSE indices able to close in green. The market breadth was negative.
Regenerate OTP
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