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

 Market Outlook:

• Indian markets are likely to open with marginal gains and trade sideways today.
• From Intraday perspective, Nifty likely to witness buying interest above 8215 for potential upside till 8243 while selling pressure to emerge below 8134 for downside till 8061.

News Flow:

• Reliance Communications Ltd has reported a fall of 22.4% in its consolidated net profit after taxes (PAT) at Rs 177 crore for the January-March quarter of FY16, led by decline in revenue from voice and data services.
• Mahindra & Mahindra has said that it has entered into a brand licence agreement with Pininfarina for use of trademarks after closing the deal to acquire 76.06% stake in the Turin-based company.
• GAIL (India) Ltd has said that it has started drilling its second exploratory well as an operator in its New Exploration Licensing Policy – IX block at the Cambay Basin.
• Jain Irrigation Systems Ltd has reported a fall of 8.9% in its consolidated net profit after tax at Rs 89.78 crore for the fourth quarter ended March 31, 2016. The consolidated net profit of the company stood at Rs 98.53 crore during the same period a year ago.

Stock Idea:

Recommendation: Buy NIIT Technologies td

Suggested Range: Buy around INR 486

Target: INR 518 and 560

Holding Period: upto 10 days

Stop loss: INR 468

Technical Rationale: NIIT Technologies was in the process of retracing the previous rise from 410 to 520. It has found support at the 61.82% Fibonacci retracement level (452) and has witnessed a sharp rise from that support. Since past couple of weeks it was trading in a range and in Tuesday's trading session it has broken the consolidation n the upside. The daily momentum indicator RMO has triggered a positive crossover which is a buy signal. We expect the positive momentum in stock to continue and reach levels of 518 and 560 which are the previous swing highs

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