Market Outlook:
Indian markets are likely to open weak and trade with a negative bias today.
From Intraday perspective, Nifty likely to witness selling pressure below 7788 for potential downside till 7720 while buying interest to emerge above 7890 for upside till 7970.
News Flow:
Marico Ltd reported a growth of 25.8% in it's consolidated net profit after tax at Rs 138.44 crore for the Jan-Mar quarter of FY 16.The consolidated net profit of the FMCG firm stood at Rs 110.04 crore during the corresponding quarter of last fiscal.
IDFC Ltd has posted a consolidated net profit after taxes at Rs 130.45 crore for the fourth quarter ended March 31, 2016. The consolidated net profit of an investment company stood at Rs 382.21 crore during the same period a year ago.
Reliance Infrastructure Ltd said Reliance Defence, its wholly owned subsidiary, has signed a strategic partnership agreement with three Ukranian state-owned firms which will allow them to collaborate on a range of military products including transport aircraft, upgrade of armoured vehicles, maritime gas turbines and unmanned aerial vehicles.
Stock Idea:
Recommendation: Godrej Properties Ltd
Suggested Range: Buy on decline to INR 330
Target: INR 351 and 366
Holding Period: upto 10 days
Stop loss: INR 321
Technical Rationale: Godrej Properties has been consolidating in a narrow range since past couple of weeks. It has been finding support at the lower end of the range i.e. around 330 and has been witnessing buying interest. The hourly momentum indicator RMO has triggered a positive crossover which is a buy signal. We expect the consolidation to break on the upside; however, it is advisable to buy the stock on decline to support of 330 where it has been witnessing buying interest. We expect the stock to reach levels of 351 and 366 which are the previous swing highs.
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