Market Outlook:
- Indian markets are likely to open marginally lower and trade with a negative bias today.
- From Intraday perspective, Nifty likely to witness selling pressure below 7580 for downside till 7480 while buying interest to emerge above 7680 for potential upside till 7770.
News Flow:
- Allcargo Logistics will seek shareholders' approval to raise up to Rs 300 crore by issuing Secured Non-Convertible Redeemable Debentures (NCDs) on a private placement basis.
- Colgate Palmolive (India) Ltd declared an interim dividend of Rs 3 per equity share of Rs 1 each for the financial year 2015-16.
- Biocon said that it has received approval from Japan's health ministry to sell its biosimilar insulin Glargine in disposable pens in the country.
- GVK Power & Infrastructure Ltd on Monday said it will divest its 33% stake in Bangalore International Airport Ltd (BIAL) to Fairfax Group for Rs 2,149 crore.
- Dr Reddy's Laboratories said that it has entered into a US licensing pact with XenoPort for the development and commercialization of latter's clinical-stage oral new chemical entity XP23829.
- Hindustan Construction Company (HCC) has said that it has been awarded two contracts worth Rs 623 crore in the hydro power and tunneling sectors.
Stock Idea:
Recommendation: Power Grid Corporation of India Ltd
Suggested Range: Buy around INR 139
Target: INR 147 and 150
Holding Period: upto 10 days
Stoploss: 136
Technical Rationale: Power Grid Corporation of India had witnessed a sharp fall from levels of 129 to 140. Post that it was consolidation in a narrow range and in this process has formed a flag pattern. Flag pattern is a trend continuation pattern. In Monday's trading session the pattern has broken out on the upside indicating that the uptrend has resumed. The hourly 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 147 which is the weekly upper Bollinger band and above that it has the potential to rise to levels of 150 which is the previous swing high.
You received this message because you are subscribed to the Google Groups "LONGTERMINVESTORSRESEARCH" group.
To unsubscribe from this group and stop receiving emails from it, send an email to longterminvestorsresearch+unsubscribe@googlegroups.com.
Visit this group at https://groups.google.com/group/longterminvestorsresearch.
For more options, visit https://groups.google.com/d/optout.
No comments:
Post a Comment