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

 

Market Outlook:

• Indian markets are likely to open with gains and trade with a positive bias today.
• From Intraday perspective, Nifty likely to witness buying interest above 8675 for upside till 8700 / 8750 while selling pressure to emerge below 8625 for downside till 8572.

News Flow:

• Larsen & Toubro Ltd reported a growth of 45.5% in its consolidated net profit after taxes (PAT) at Rs 609.6 crore for the first quarter ended June 30, 2016. The consolidated net profit of the engineering and infrastructure major stood at Rs 418.94 crore during the same period a year ago.
• Vedanta Ltd reported a drop of 30.4% in its net profit after tax at Rs 615.02 crore for the first quarter, ended June 30, 2016. It had reported a net profit of Rs 884.14 crore during the same quarter of previous year.
• Bharat Heavy Electricals Ltd (BHEL) said it has secured orders for setting up 80 MW of solar photovoltaic power plants on EPC basis for Rs 437 crore from Neyveli Lignite Corporation Ltd (NLC) and Bharat Electronics Ltd (BEL).
• Dr Lal PathLabs Ltd registered a surge of 29.5% its consolidated net profit after tax at Rs 39.82 crore for the first quarter ended June 30, 2016. The consolidated net profit of the company stood at Rs 30.74 crore during the same period a year ago.

Stock Idea:

Recommendation: Buy Just Dial Ltd

Suggested Range: Buy around 555

Target: 604

Holding Period: upto 10 days

Stop loss: INR 530

Technical Rationale: Just Dial Ltd. was in the process of retracing the previous rise from 375 to 904. It has found support around the 70.7% Fibonacci retracement level (532) of that rise and has witnessed buying interest. On the weekly chart it has formed a long lower shadow bar pattern indicating value buying. The Daily momentum indicator RSI is rising from the oversold territory indicating recovery from current levels. We expect the stock to resume its uptrend and reach levels of 604 which is the 40 day exponential moving average.

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