MENU

Published on 10/04/2019 9:41:59 AM | Source: Religare Securities Ltd

The equity benchmark indices ended a highly volatile session - Religare Securities

Posted in Top Stories| #Market Outlook #Religare Securities Ltd

Now Get InvestmentGuruIndia.com news on WhatsApp. Click Here To Know More

Nifty Outlook

The equity benchmark indices ended a highly volatile session on a positive note backed by supportive global cues. The Nifty index swung both ways finally closing the session 0.6% higher at 11,672 levels. Amongst the broader market indices, BSE Midcap ended higher by 0.2%, while BSE-Smallcap closed on a flat note. Amongst the sectoral indices, barring Consumer Durables and Telecom which ended in the red, all the other sectoral indices witnessed buying with Auto, Banks and Reality being the top gainers in the range of 1.1-1.4%. Globally, key Asian & European indices traded in the green.

The equity benchmark indices ended a highly volatile session on a positive note backed by supportive global cues. The Nifty index swung both ways finally closing the session 0.6% higher at 11,672 levels. Amongst the broader market indices, BSE Midcap ended higher by 0.2%, while BSE-Smallcap closed on a flat note. Amongst the sectoral indices, barring Consumer Durables and Telecom which ended in the red, all the other sectoral indices witnessed buying with Auto, Banks and Reality being the top gainers in the range of 1.1-1.4%. Globally, key Asian & European indices traded in the green.

 

Stock In News

* Tech Mahindra’s Board of Directors approved acquisition of 18.1% equity stake each in Infotek Software & Systems and Vitaran Electronics for Rs 13cr in total. Both the acquired companies are engaged in trading of Radio Frequency Identification (RFID) products.

* JSW Steel reported its Q4FY19 crude steel production at 4.17mn tons, down by 3% YoY. For FY19, the company achieved 99.6% of its production guidance by producing 16.69mn tons of crude steel thereby registering a growth of 3% YoY.

* GSFC announced its annual shut down of Ammonia-IV and Urea-II plant in Baroda for a period of 50 days from 13 April - 1 June, 2019. Few other connected plants will also close down for maintenance purpose. The company further added that it has made alternate arrangements to minimize production loss and will supply to the customers from its Sikka plant during the said period.

 

Religare Super Ideas

Tata Motors Limited (TATAMTRDVR)

Buy Tata Motors Ltd @ 98-100 Stop Loss 94 Target 112 CMP 99.15

TATAMTRDVR, after a prolong downtrend, has witnessed sharp recovery last week and trading on the verge of breakout from a consolidation pattern. The positive divergence between the price chart and RSI oscillator combined with the existence of support zone of 100 EMA on daily chart is adding to the positivity. We thus advise accumulating fresh longs as per the mentioned levels

 

State Bank of India (SBIN)

Buy SBIN @ 313 -316 Stop Loss 305 Target 335 CMP 314.75

Unlike other PSU banking majors, SBIN has been trading comparatively stronger and holding strong on the multiple time frames. After forming a new 52-week high at 339.65 last month, it has marginally retraced and currently trading closer to its crucial support zone. Indications are in the favour of fresh surge in near future. We advise traders to initiate fresh long positions in the given range.

 

Derivative Ideas

TATAPOWER FUT added around 7% 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 TATAPOWER in cash as per below levels .

Strategy:- BUY TATAPOWER BETWEEN 70-71, STOPLOSS AT 66, TARGET 81.

 

 

To Read Complete Report & Disclaimer Click Here

 

For Religare Securities Ltd Disclaimer http://old.religareonline.com/research/Disclaimer/Disclaimer_RSL.html   

 

Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer