{LONGTERMINVESTORS} Religare Morning Digest

  

August 1, 2016
Religare Morning Digest – Highlights for today Market Outlook for the day — Indications are mixed at present about Nifty's further move so, participants especially traders should remain cautious and prefer hedged approach till the event unfolds. Key Indices – Levels to watch out for the day INDEX (Spot) RESISTANCE 2 RESISTANCE 1 LTP SUPPORT 1 SUPPORT 2 SENSEX 28400 28200 28051.86 27870 27730 NIFTY 8725 8675 8638.50 8585 8540 NIFTYBANK 19250 19100 18953.15 18830 18670 NIFTYIT 11190 11060 10913.30 10800 10700       Trading/ Investment Ideas Technical Calls Company Name Recommendation CMP Initiation Range Stop loss Target Time Frame   GRANULES BUY 142.45 140-141 135 154 4-6 Days BEL BUY 1235.90 1225-1240 1180 1375 4-6 Days   Derivatives Call Company  Name Recommendation CMP Initiation  Range Stop  loss Target Time  Frame BAJAJ-AUTO BUY AUGUST FUTS 2700.80 2670-2690 2645 2800 4-6 Days   Master Pick Company Name Recommendation CMP Initiation Range Stop loss Target Time Frame IBREALEST BUY 92 90-93 85 110 1-2 Month      Note – To read complete report, please click here                        Fundamental Picks for delivery ( 9 Months - 1 Year) Company Name Recommendation CMP Initiation Price Target GARWALLROP BUY 452.90 419 560 JAMNAAUTO BUY 191.60 174 234 Note – ·         For our running recommendations and past performance, please click here ·         **Please note that the given technical and derivative recommendations will be considered as initiated only if they trades within the given range on the recommended date.   Equity | Commodity | Currencies | Insurance | Investments	Morning Notes US markets ended mix. European markets ended positive by 0.05% to 0.61%. Most of the Asian markets are trading in green except Shanghai Composite. SGX Nifty is trading up by 41 points.   Commentary: ·         After a strong rally in the previous session, the Indian market started the August F&O series on a muted note. Profit taking was witnessed at higher levels, as the Nifty slipped from an intra-day high of 8670.4 to close on a weak note at 8638.5, down 0.3%. The sectorial indices ended mix with Telecom, Consumer Durables, Banks, Capital Goods and Metals being the top losers, down in the range of 0.5-1.6%. However, Auto, Healthcare, Consumer Discretionary and Oil & Gas outperformed with gains of 0.5-1%. BSE Mid-cap and Small-cap indices outperformed, gaining 0.7% & 0.2% respectively. ·         Shares of Eicher Motors surged nearly 7% after the company reported 58.6% Y-o-Y growth in PAT at Rs 376cr for Q1FY17, led by healthy revenue and strong operating margins. Net sales jumped 42% to Rs. 1,550cr. ·         L&T Q1FY17 earnings missed the street expectations on all parameters with consolidated PAT rising 46% Y-o-Y to Rs 610cr (vs expectations of Rs 770cr). Consolidated revenue rose 9.1% to Rs 21,874cr (expectations were Rs 22,477cr). The company received fresh orders worth Rs 29,702cr during the quarter, registering a 14% Y-o-Y growth, which was in-line. Further, the guidance of fresh orders and revenue for FY17 is maintained at 15% and 12-15% respectively. ·         Government has listed the much-awaited GST bill for consideration and passage in Rajya Sabha's agenda for this week. Expectations of the bill getting cleared in this parliament monsoon session have increased. This is likely to set the market direction in the near term. Stock specific volatility is likely to continue in the ongoing results season. With the market having rallied sharply in the last few sessions, we advise investors to remain cautious and wait for dips to buy good fundamental stocks.    Derivative Updates: Banknifty futures added 1.80% of open interest as fresh shorts and Nifty futures too added 1.8% of open interest as fresh shorts too. The volume weighted average price for Nifty August futures is at 8620 and Banknifty August futures is at 18940. In options, highest positions is at 9000 CE and 8500 PE. Vix is still in the same range and likely to remain in 14%-18% levels in the short term.   Technical Updates: Nifty has hardly moved in last four sessions clearly showing indecision and anxiety among the market players. We hope this uncertainty will end next week but indications are mixed at present so participants especially traders should remain cautious and prefer hedged approach till the event unfolds.

  

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