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 8601 for potential upside till 8712 while selling pressure to emerge below 8518 for downside till 8476 / 8400.

 

News flow:

• Bata India Ltd has reported that its net profit for the first quarter ended June 30, 2016 came in flat at Rs 50.49 crore as sales fell. In Q1 FY 2015-16, the company had posted a net profit of Rs 50.18 crore.
• PC Jeweller Ltd reported that its net profit for the first quarter ended June 30, 2016 climbed by 31.15% at Rs 106.59 crore from the same period a year ago on higher sales. In Q1 FY 2015-16, the company had posted a net profit of Rs 81.27 crore.
• NBCC (India) has secured order worth Rs 250 crore for construction of 30 bedded ESIC Hospital at Baltikuri, West Bengal. The company has received a total business of Rs 344.72 crore in the month of July 2016.
• Punj Lloyd's subsidiary, Pt Engineering Limited, has sold its entire stake in its wholly owned subsidiary registered in United Kingdom viz Simon Carves Engineering Limited to Engineers and Constructors International, Inc.
• Natco Pharma has received final approval for the generic versions of Tamiflu oral capsules.

Stock Idea:

 

Recommendation: Buy Godrej Consumer Products Ltd

Suggested Range: Buy around 1586

Target: 1690 / 1800

Holding Period: upto 30 days

Stop loss: INR 1477 closing basis

Technical Rationale: Godrej Consumer Products Ltd has been trading in an upward sloping channel since February this year. It has been holding on to the lower end of the channel and has been trading positive. The Stochastics oscillator has reached the oversold region and the in terms of price it has reached a crucial support cluster which makes it a good buy at current levels. In Thursday's trading session it has reached the crucial support cluster of the 40 day moving average, the lower end of the channel and the daily lower Bollinger band. We expect this support cluster to hold and the stock to reach levels of 1690 which is the previous swing high and above that 1800 which is the upper end of the channel.

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