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Markets settled marginally lower in a range bound session, in absence of any fresh trigger. Mixed global cues lead a flat start in the benchmark index and it gradually drifted lower as the session progressed. Meanwhile, volatility continued on the stock specific front which kept the traders on their toes. Mostly sectoral indices traded in tandem to the benchmark index and ended lower.
Participants are closely eyeing developments on global front however signals are still indecisive and that may cause further consolidation. Nifty has crucial support at 11,600 and its breakdown could trigger further fall. We advise keeping positions on both sides in such scenario and waiting for decisive break for the next directional move.
Stock in News
* L&T’s power division bagged an order worth more than ~Rs 7,000cr from SJVN Thermal Pvt. Ltd. It is an EPC order received for setting up of a 2x660 MW ultra-supercritical power plant in Buxar, Bihar.
* Alembic Pharmaceuticals received USFDA approval for Bromfenac Ophthalmic solution. The medication is indicated for the treatment of swelling and pain in the eye after cataract surgery. In total, the company has 96 ANDA approvals.
* Intellect Design Arena bagged an order from the Central Bank of Mongolia. The company in partnership with the IT Zone of Mongolia will implement its quantum central banking solution which will accelerate the bank’s digital transformation.
Religare Super Ideas
LIC Housing Finance Limited (LICHSGFIN)
BUY LIC Housing Finance Ltd @ 540-545 Stoploss 530 Target 575 CMP 546.05
LICHSGFIN has been rebounding for the last eight months, after sharp correction from its record high. It has retraced marginally of late and reached closer to the immediate support zone around 525. The chart pattern combined with positioning of confirmation indicators is adding to the positivity. We advise accumulating within the given range.
Tata Steel Limited (TATASTEEL)
SELL JUN FUTS Tata Steel Ltd @490-494 Stoploss 505 Target 460 CMP 486.25
Mostly metal counters are reeling under pressure and TATASTEEL is no different. After its failed attempt to surpass the resistance zone around 500, it is again drifting lower. Indications are in the favor of further decline in near future. We advise using any bounce to go short in the given range.
added around 27% in open interest as long buildup was seen in it in previous session. Current chart pattern also indicates further up move in its price. We suggest buying TCS 2280 CE as per below levels.
Strategy:- BUY TCS JUN 2280 CE BETWEEN 15-18, STOPLOSS AT 5, TARGET 40.
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