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 7080 for upside till 7150 / 7252 while selling pressure to emerge below 6920 for downside till 6825.
News Flow:
- Vakrangee Ltd said it has tied-up with Indian Oil Corporation Ltd for setting up Vakrangee Kendra at its retail outlets (distribution network).
- PVR Ltd said it has launched its newly constructed 6 screens multiplex at Vaishnavi Sapphire Mall, Yashwantpur, Bengaluru. With this addition, PVR Cinemas continues to be largest multiplex of the city with 63 screens across 8 properties and proudly stands tall with a total screen count of 497 screens at 110 properties in 44 cities across country.
- Axis Bank has bought 4.99% stake in Max Life Insurance for Rs 95.75 crore. The bank now owns 5.99% stake in Max life Insurance
- IOC, BPCL, HPCL has slashed petrol prices by Rs.3.02 a litre and raised diesel by Rs.1.47.
- BEML Ltd has bagged the order valued at Rs 900 crore for the supply of Metro Coaches to Kolkata East-West Metro Line.
Stock Idea:
Recommendation: BASF Ltd
Suggested Range: Buy around 786
Target: INR 828 / 859
Holding Period: upto 5 days
Stoploss: INR 751
Technical Rationale: BASF was trading in a downward sloping channel which has been broken on the upside indicating trend reversal. In Monday's trading session it has managed to close above the 20 day simple moving average indicating short term positive momentum. The daily momentum indicator RMO bears a positive crossover which is a buy signal. We expect the stock to trade with a positive bias and reach levels of 828 which is the upper end of the gap formed on 20th January, 2016. Beyond this level it has the potential to rise to levels of 859 which is the 20 week moving average.
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