Market Outlook:
- Indian markets are likely to open marginally negative and trade sideways today.
- From Intraday perspective, Nifty likely to witness selling pressure below 8590 for downside till 8490 while buying interest to emerge above 8688 for potential upside till 8712 / 8750.
News flow:
- Zydus Wellness Ltd on Tuesday reported a growth of 20.1% in its consolidated net profit after taxes (PAT) at Rs 23.46 crore for the June quarter ended June 30, 2016. The consolidated net profit of the company stood at Rs 19.53 crore during the same period a year ago.
- Ultratech Cement said that it has so far secured 4.09 lakh tonnes (LT) of coal linkages for its plants in Chhattisgarh and Maharashtra.
- Voltas Ltd reported a growth of 53.7% in its consolidated net profit after taxes (PAT) at Rs 157.62 crore for the first quarter ended June 30, 2016, led by higher sales in both products and projects business segments. The consolidated net profit of the company stood at Rs 102.54 crore during the same period a year ago.
- Indian Bank has reported that its net profit for the first quarter ended June 30, 2016 climbed by 43% at Rs 307 crore a year ago even as provisions rose and asset quality weakened.
- Alstom T&D India Ltd said that it has changed its name to 'GE T&D India Limited' effective from August 02, 2016.
Stock Idea:
Recommendation: Buy IDFC Ltd
Suggested Range: Buy around 57
Target: 64
Holding Period: upto 10 days
Stop loss: INR 54 closing basis
Technical Rationale: IDFC has been trading in an upward sloping channel. Since past few trading sessions it was trading in a narrow range. In Tuesday's trading session it has given a breakout of that range on the upside indicating that the consolidation is over and uptrend has resumed. Prices are tagging the upper Bollinger band and are expanding indicating the positive momentum shall continue on the upside. The daily momentum indicator RMO bears a positive crossover which is a buy signal. We expect the stock to reach levels of 64 which is the upper end of the channel.
On Wed, Aug 3, 2016 at 10:12 AM, Rajesh Desai <stockdesai@gmail.com> wrote:
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