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Markets plunged sharply lower and lost nearly two percent. Weak global cues combined with caution on local front triggered decline. The fall was widespread as a result all the sectoral indices ended lower. Among the benchmark indices, Nifty settled at 10,754; down by -1.80%.
Nifty couldn’t sustain above 10,950 and that reaffirms our consolidation view on index. However, we feel stock specific movement would continue and traders should align their positions accordingly. Considering the scenario, we also advise keeping positions on both sides.
Stock In News
Texmaco Rail & Engineering received an order worth Rs 500cr for 1621 wagons from the Indian Railways.
Aurobindo Pharma received USFDA approval to manufacture and market Potassium Chloride Extended Release tablets. The drug is a generic version of Upsher-Smith’s Klor-Con extended release tablets. The tablets which are indicated for the treatment of hypokalemia will be launched in Jan 2019.
PVR announced the opening of 4 screens multiplex at Ansal Plaza in Greater Noida, UP and 3 screens multiplex at Harsha K3C Mall in Karnal, Haryana. With this launch, PVR operates the largest multiplex network of 748 screens in 64 cities.
Religare Super Ideas
Petronet LNG Limited (PETRONET)
After a sharp up move from 203 to 229 levels, PETRONET has retraced marginally of late, offering fresh buying opportunity to those who had missed the chance earlier. Chart is clearly pointing towards strong surge ahead. Traders are advised to initiate fresh long positions as per the given levels.
Buy Petronet LNG Ltd @ 218-220 Stoploss 213 Target 234 CMP 223.40
Godrej Industries Limited (GODREJIND)
GODREJIND has swiftly rebounded of late but failed to cross the resistance around 200 day EMA on daily chart. In fact, it has now formed a fresh shorting pivot after struggling for nearly three weeks around that zone. We advise creating fresh short positions on any bounce in the mentioned range.
Buy Godrej Industries Ltd @ 530-535 Stoploss 545 Target 505 CMP 526.45
CESC Dec Futures added around 18% in open interest as short buildup was seen in it in previous session. Current chart pattern also indicates further decline in its price. We suggest selling CESC in futures as per below levels .
Strategy:- SELL CESC FUT between 695-699, Stop loss at 710, target 665.
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