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Equity Research Report: Religare Morning Digest

Market Outlook for the day – 6250-6350 is an important trading range, an either side break will dictate Nifty’s move in the coming sessions.
27 Dec 2013 | 07:00 AM

    Highlights for Today
Market Outlook for the day - 6250-6350 is an important trading range, an either side break will dictate Nifty’s move in the coming sessions.
Key Indices – Levels to watch out for the day
INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2
SENSEX 21225 21140 21074.59 20985 20850
NIFTY 6325 6300 6278.90 6245 6200
BANK NIFTY 11575 11465 11385.75 11300 11210
CNXIT 9525 9485 9430.10 9385 9325
 
Corporate News

Cabinet Committee on Economic Affairs approved the guidelines for financial assistance to the sugar industry for payment of cane price arrears. As per the financial assistance package approved for the sugar industry, the Central Government will provide an interest subvention upto 12% at a simple rate of interest for the additional working capital loans to the sugar undertakings, equivalent to last three sugar seasons' excise duty, cess and surcharge on sugar (including notional equivalence for exports or availed Cenvat), to be provided by the banks.

AXIS Bank rose 1.2% to Rs 1298 on BSE after the Cabinet Committee on Economic Affairs approved the proposal of the bank for increase in foreign investment ceiling in the bank to 62% from 49%.

IRB Infrastructure Developers that NHAI has selected the company as the selected bidder for a highway project in Maharashtra.

Dhanlaxmi Bank has allotted 1.75 crore equity shares at Rs 38.25 per share aggregating to Rs 67.22 crore to qualified institutional buyers through qualified institutional placement.

Allahabad Bank said it has allotted 4.45 crore equity shares at Rs 89.72 per share to the Government of India on preferential allotment basis
 
    Trading/ Investment Ideas
Technical Calls
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
PUNJLLOYD BUY 29.25 28.80 - 29 28 31 3-5 DAYS
 
Derivatives Call
Company
Name
Recommendation CMP Initiation
Range
Stop
loss
Target Time
Frame
SBIN BUY JAN FUT 1768.50 1755-1760 1715 1850 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, snapping two-day winning streak. Metal and mining stocks edged lower. Shares of Sesa Sterlite dropped on reports Central Bureau of Investigation (CBI) has started a probe into possible irregularities in its stake buy in Hindustan Zinc. Most banking stocks edged lower. Among BSE sectoral indices, capital goods, consumer durables and healthcare remained investors' favourite and were up 0.66 per cent, 0.38 per cent and 0.07 per cent, respectively. The market breadth, indicating the overall health of the market, was positive.
Regenerate OTP
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