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

 Market Outlook:

• Indian markets are likely to open flat and trade with a positive bias today.
• From Intraday perspective, Nifty likely to witness buying interest above 7750 for potential upside till 7800 while selling pressure to emerge below 7650 for downside till 7580.

News Flow:

• Jain Irrigation Systems Ltd (JISL) food processing arm has raised Rs 402 crore from Mandala Capital for growth of the company.
• Brigade Enterprises Ltd, which holds licences to build World Trade Centers in five southern cities, will build its third WTC after Bengaluru and Kochi in Chennai.
• MEP Infrastructure Developers Ltd has announced that the Company in Joint Venture with Sanjose India Infrastructure & Construction Pvt. Ltd has been declared as the Successful Bidder by MORTH (Ministry of Road Transport and Highways] for a project in Maharashtra.
• Kansai Nerolac Ltd said it has completed sale of its land in Chennai to realty firm Brigade Properties for over Rs 535 crores.
• IIFL Holdings Ltd said its subsidiary IIFL Wealth Management has approved conversion of 1.3 crore warrants issued to General Atlantic Singapore into equities.

Stock Idea:

Recommendation: M&M Financial Services Ltd

Suggested Range: Buy around 241

Target: INR 251 and 257

Holding Period: upto 10 days

Stoploss: 232

Technical Rationale: M&M Financial Services Ltd has been trading in an upward sloping channel. In Wednesday's trading session it has been taken support at the lower end of the channel and has started to move up again indicating buying from support levels which is a sign of uptrend continuation. The daily momentum indicator RMO bears a positive crossover which is a bullish sign for the stock. We expect the positive momentum in the stock to continue and expect it to reach levels of 251 which is the previous swing high and above that it can rise to levels of 257 which is the 100% Fibonacci extension level.

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