Re: {LONGTERMINVESTORS} News & Misc. items - Thread

 Market Outlook:

• Indian markets are likely to open with gains and trade with a positive bias today.
• From Intraday perspective, Nifty likely to witness buying interest above 7050 for upside till 7100 / 7150 while selling pressure to emerge below 6960 for downside till 6869.

News Flow:

• Castrol India has posted a 6.7 % year on year growth in net profit at Rs 141 crore for the quarter ended December 31, 2015 as against a net profit of Rs 132 crore for the fourth quarter ended December 31, 2014.
• L&T Hydrocarbon Engineering, a unit of Larsen & Toubro, has signed a long-term agreement with McDermott International to explore joint execution of subsea projects in deepwater segment emerging on the east coast of India.
• Dishman Pharmaceuticals and Chemicals Ltd (DPCL) said its Board of Directors has approved bonus issue of 1:1 equity shares and amalgamation of the company.
• Punj Lloyd Ltd said that it has bagged Rs 308 crore infrastructure order in Dubai from Front Line Investment Management Company LLC, subsidiary of Damac Properties Development LLC.
• Adani Transmission, a part of the diversified Adani Group, said India Ratings & Research has assigned the company's Rs 500 crore non convertible debentures a rating of 'IND AA+' with stable outlook.

Stock Idea:

Recommendation: Apollo Tyres March Future

Suggested Range: Sell Below 156

Target: INR 153 / 150

Holding Period: upto 5 days

Stoploss: INR 160.5

Technical Rationale: Apollo Tyres was in a short term pull back mode. On the daily charts it has faced resistance at the downward sloping resistance trendline. Moreover on the hourly charts it has broken down from an Ending Diagonal pattern which has bearish implications. It has closed below the 20 and 40 hourly moving averages indicating short term weakness. The hourly momentum indicator RMO bears a negative crossover which is a sell signal. We expect the stock to drift lower and reach levels of 153 and 150 which are the previous swing lows.

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