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The Indian markets ended higher for the third straight session amid intra-day volatility. After opening on a positive note, the Nifty index witnessed selling pressure and slipped to intra-day low of 11,277 levels. However, it registered a smart pullback from the lows in the second half of the session before closing 0.4% higher at 11,342 levels. The broader market indices underperformed the benchmark with BSE Midcap & Smallcap closing lower by 0.4% and 0.3% respectively. The sectoral indices exhibited a mixed trend. While Banks, Realty, Energy ended with decent gains, Metals, Telecom & Healthcare witnessed selling pressure and remained the top losers.
After a recent smart recovery from the lows, some consolidation could take place in the coming sessions. The market participants would continue to focus on the progress of US-China trade talks, Brexit deal, crude oil price and currency movement. We believe taking a stock-specific approach will yield better results over the next few quarters.
Stock In News
* Jubilant Food Works launched its first indigenous brand ‘Hong’s Kitchen’ and opened its first restaurant in Eros Mall, Gurugram. With this venture the company marks its entry into the Chinese cuisine segment. Hong’s Kitchen will offer affordable Chinese cuisine customized for Indian tastes.
* Zydus Cadila received USFDA approval to market Potassium Chloride Extended-Release Capsules. The medicine is indicated to treat or prevent low amount of potassium in the blood. The group has received 254 USFDA approvals and 350 ANDAs (Abbreviated New Drug Application) since the commencement of filing process.
* Unichem Laboratories received ANDA approval from USFDA for its Allopurinol Tablets. The medicine is indicated for the treatment of gout and certain types of kidney stones. It is also used to prevent increased uric acid levels in patients receiving cancer chemotherapy. The product will be commercialized from the company’s plant in Ghaziabad.
Religare Super Ideas
The Karnataka Bank Limited (KTKBANK)
BUY The Karnataka Bank Limited @126-128 Stop Loss 122 Target 140 CMP 129.30
Banking pack is currently dictating the market trend and still there’s so sign of slowing down. Among the stocks, KTKBANK has recently witnessed breakout from a reversal pattern and likely to regain momentum in near future. We advise using any dip in the given range to create fresh longs.
Tata Steel Limited (TATASTEEL)
BUY 510 PE Tata Steel Limited @ 8-9 Stop Loss 5 Target 16 CMP 9.35
Mostly metal counters are showing sign of exhaustion after the recent rally and TATASTEEL is no different. It has recently tested the resistance zone of 200 EMA on the daily chart and pointing towards profit taking in near term. We advise preferring Put option instead of going naked short in futures.
FUT added around 15% 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 BEL in cash as per below levels .
Strategy:- BUY BEL BETWEEN 92-93, STOPLOSS AT 87, TARGET 102.
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