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Equity Research Report: Religare Morning Digest

Market Outlook for the day – Considering Nifty’s close, there is higher possibility of a technical bounce or consolidation around the current levels.
29 Jan 2014 | 07:00 AM

    Highlights for Today

Market Outlook for the day Considering Nifty’s close, there is higher possibility of a technical bounce or consolidation around the current levels.

 

Key Indices – Levels to watch out for the day

INDEX (Spot)

RESISTANCE 2

RESISTANCE 1

LTP

SUPPORT 1

SUPPORT 2

SENSEX

20920

20800

20683.51

20575

20450

NIFTY

6195

6160

6126.25

6085

6040

BANK NIFTY

10790

10650

10507.60

10400

10275

CNXIT

10000

9920

9837.95

9730

9645

 

Corporate News

Maruti Suzuki India net profit rose 35.88% to Rs 681.15 crore on 3.32% decline in total income to Rs 11010.79 crore in Q3 December 2013 over Q3 December 2012. The Company said it will implement the expansion project in Gujarat through a 100% Suzuki subsidiary.

Jindal Steel & Power net profit fell 35.26% to Rs 561.51 crore on 11.89% increase in total income to Rs 5385.18 crore in Q3 December 2013 over Q3 December 2012.

Jyothy Laboratories Ltd reported a 63.11 per cent increase in its standalone net profit to Rs 27.37 crore for the third quarter ended December 31, 2013.

Granules India consolidated net profit jumped 275% to Rs 21.80 crore on 46% growth in net sales to Rs 284.10 crore in Q3 December 2013 over Q3 December 2012.

IPCA Laboratories net profit rose 58% to Rs 139.12 crore on 19% increase in total income to Rs 838.37 crore in Q3 December 2013 over Q3 December 2012.

Economy News

RBI raised its main lending rate viz. the repo rate by 25 basis points to 8% from 7.75% after Third Quarter  Review of Monetary Policy for 2013-14 on 28 January 2014. Consequently, reverse repo rate will now be at 7%. There is no change in CRR at 4%. The RBI has decided to have a policy review once in 2 months (6 reviews in a year), instead of once in 45 days.

Results on 29th January 2014: Bharti Airtel, Century Textile, Crompton Greaves, IOB, Karur Vysya Bank, Tata Global, Titan

 

    Trading/ Investment Ideas

 

Technical Calls

Company
Name

Recommendation

CMP

Initiation
Range

Stop
loss

Target

Time
Frame

NTPC

SELL FUT

128.75

129-130

132

124

3-5 DAYS

 

Derivatives Call

Company
Name

Recommendation

CMP

Initiation
Range

Stop
loss

Target

Time
Frame

LT

SELL FEB FUT

991.30

995-998

1025

954-933

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, State Bank of India

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 settled marginally lower after seeing sharp intraday swings either ways throughout the day. BSE Sensex and the CNX Nifty, both, hit their lowest level in more than 8-1/2 weeks. Market moved into positive zone from negative zone in mid-afternoon trade as European markets edged higher in early trade there. Among sectoral indices BSE Metal index closed 1.72% up while IT and Pharma indices closed 1.06% and 0.79% down. The market breadth, indicating the overall health of the market, was positive.

Regenerate OTP
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