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

 Market Outlook:

• Indian markets are likely to open with marginal gains and trade with a positive bias today.
• From Intraday perspective, Nifty likely to witness buying interest above 7980 for potential upside till 8013 – 8020 while selling pressure to emerge below 7900 for potential downside till 7770.

News Flow:

• Axis Bank Ltd reported a drop of 1.2% in its net profit for the fourth quarter ended March 31, 2016 at Rs 2,154.28 crore, mainly on account of increase in provisions following RBI's asset quality review (AQR) initiative.
• Hindalco has announced the acceptance of takeover offer for its subsidiary Aditya Birla Minerals Limited by Australian company Metal X. As per the agreement Metal X has offered one fully paid ordinary share in its company for 4.5 ABML shares plus 0.08 Australian dollars in cash for every ABML share held.
• Maruti Suzuki India Ltd (MSIL) reported a decline of 11.7%in its March quarter earnings of FY 16 at Rs 1,133.6 crore, weighed down by higher expenses, production loss due to reservation agitation and lower other income.
• Aurobindo Pharma announced that two of its drugs "Amlodipine and Valsartan Tablets" have received approval from the US Food and Drug Administration.

Stock Idea:

Recommendation: BASF India Ltd

Suggested Range: Buy around INR 921

Target: INR 968 and 1020

Holding Period: upto 10 days

Stop loss: INR 875

Technical Rationale: BASF India has been trading in an upward sloping channel. In Tuesday's trading session it has taken support at the lower end of the channel and has resumed its uptrend. It is forming higher tops and higher bottoms indicating uptrend. 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 968 which is the previous swing high. Beyond this level it has the potential to rise to levels of 1020 which is the upper end of the channel.

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