Religare Morning Digest

Transcription

1 Technical Market View Recommendation SYMBOL CUMMINSIND Buy/Sell BUY CMP Initiation range Stop Loss 555 Target 600 Rationale - On 1st April 2014, stock has formed a new lifetime high 615 levels. Post that, profit booking was witnessed, the stock slipped and halted near its previous support territory (540 levels). On Tuesday, stock closed after forming a bullish breakaway pattern with decent rise in volumes, indicating upward bias to continue. Accordingly, one may initiate trade as per levels given in table. (Trading period: 3-5 trading sessions) NIFTY View Nifty ended the lackluster trading session on a flat note after forming new all-time high in day trade at 6838 levels. On the sectorial front most of the pivots ended negative having CNX Media topping the list as it closed after shedding 1.8% while Energy was the best performing sector for the day. Advance-Decline ratio was mix with 763 advances against 721 declines at NSE. Stock exchange will remain closed on the 24th April on account of voting for general elections in Mumbai. Thus derivatives expiry for April series has been proponed by a day. Wednesday s session is expected to remain volatile, day traders are advised to trade cautiously and keep tight stop loss so as to avoid unbearable loss in case of erratic moves. 1

2 Technical Market View TRENDSHEET - INDEX TREND * INDEX SPOT Close Trend Trend changed on Trend changed at Closing Stop Loss NIFTY Up 26-Feb BANKNIFTY Up 04-Mar CNX-IT Down 13-Mar CNXMIDCAP Up 04-Mar Nifty 50 - Trend Sheet * STOCKS LTP Trend Trend changed on Trend changed at Closing Stop Loss ACC Up 25-Feb AMBUJACEM Up 25-Feb ASIANPAINT Up 19-Mar AXISBANK Up 24-Feb BAJAJ-AUTO Up 28-Feb BANKBARODA Up 4-Mar BHARTIARTL Up 27-Mar BHEL Down 7-Apr BPCL Up 20-Jan CAIRN Up 1-Apr CIPLA Up 4-Apr COALINDIA 299 Up 18-Mar DLF Down 16-Apr DRREDDY Down 26-Mar GAIL Up 13-Sep GRASIM Up 6-Mar HCLTECH Up 15-Apr HDFC Up 7-Mar HDFCBANK Up 7-Mar HEROMOTOCO Up 14-Mar HINDALCO Up 28-Feb

3 Technical Market View STOCKS LTP Trend Trend when changed Rate when trend changed Closing Stop loss HINDUNILVR Up 25-Mar ICICIBANK Up 18-Feb IDFC Down 16-Apr INDUSINDBK Up 4-Mar INFY Down 13-Mar ITC Up 7-Mar JINDALSTEL Down 15-Apr KOTAKBANK Up 7-Mar LT Up 23-Jan LUPIN Up 24-Feb M&M Up 17-Feb MARUTI Up 7-Mar MCDOWELL-N Up NMDC Up 28-Mar NTPC Up 2-Apr ONGC Up 28-Feb PNB Up 5-Mar POWERGRID Up 9-Dec RELIANCE Up 10-Mar SBIN Up 7-Mar SSLT Up 31-Mar SUNPHARMA Up 9-Apr TATAMOTORS Up 9-Apr TATAPOWER 83.8 Up 18-Feb TATASTEEL Up 26-Mar TCS Up 15-Apr TECHM Up ULTRACEMCO Up 16-Jan WIPRO Down 14-Mar *Refer Annexure to understand this table 3

4 Derivative Market View Nifty futures traded in a narrow range of 30 points with stock specific rollover movements with the expiry slated tomorrow. India VIX declined by 2.9% to close at levels. Nifty futures closed down by 8.5 points at with a premium of points to the spot closing of There was a mixed trade with sectors with rollovers inching to 52% before the expiry day, FMCG and textiles sectors have seen the lowest rollovers. The advance decline was bad with 47 advances and 91 declines in the derivatives segment. Automobiles, Banking and Metals sectors gained the maximum open interest. Nifty futures have ended flat and we could see a sharp swing trade in the last one hour of trade with the expiry moves. The immediate resistances are at 6870 and 6910 while on the downside support is at 6770 and 6730 levels. Stocks Futures with Upward Potential Stocks Futures with Downward Potential Stocks Price % Change OI Change In OI Stocks Price % Change OI SRTRANSFIN FEDERALBNK GAIL GMRINFRA CROMGREAV GRASIM Change In OI F & O Trade / Strategy Recommendation for today Stock View CMP Strategy Recommended Price/ Initiation Range Stop loss Target Price GRASIM BEARISH 2810 SELL MAY FUTS Today s Derivatives Summary 4

5 17-Feb 18-Feb 20-Feb 21-Feb 24-Feb 25-Feb 26-Feb 28-Feb 3-Mar 4-Mar 5-Mar 6-Mar 7-Mar 10-Mar 11-Mar 12-Mar 13-Mar 14-Mar 18-Mar 19-Mar 20-Mar 21-Mar 24-Mar 25-Mar 26-Mar 27-Mar 28-Mar 2-Apr 3-Apr 4-Apr 7-Apr 9-Apr 10-Apr 11-Apr 15-Apr 16-Apr 17-Apr 21-Apr Fundamental Market view Volatility continued in late trade as the key benchmark indices trimmed losses after hitting fresh intraday low and settled almost unchanged for the day. Shares of upstream and downstream oil and gas companies gained on renewed buying with BPCL hit record high and HPCL hit 52-week high. Coal India edged higher in volatile trade. Metal and mining stocks were mostly lower. The market breadth, indicating the overall health of the market, was positive. Daily Trends In FIIs Investments (Rs Crore) Corporate News: MRF tumbled 7.14% on BSE after net profit declined 18.86% to Rs crore on 13.66% growth in total income to Rs crore in Q2 March 2014 over Q2 March HDFC Bank net profit rose 23.11% to Rs crore on 14.94% increase in total income to Rs crore in Q4 March 2014 over Q4 March Novartis India jumped 6.34% on BSE after the company's Swiss parent Novartis AG agreed to fork out $16 billion to buy GlaxoSmithKline Plc's cancer drug business. Results on : Cairn India, L&T Finance Holdings, Mahindra & Mahindra Finance, Mastek, Supreme Industries, Ultratech Cement, Yes Bank 5

6 Annexure How to Understand the Trend Sheet table When trend changes to up, one can buy & when trend changes to down one can sell. Resistance is mentioned for stocks which are in downtrend where one can go short with closing stop loss as mentioned. Support is mentioned for stocks which are in uptrend where one can go long with closing stop loss as mentioned. Closing stop loss has to be seen at closing at 3:30pm. All stocks prices refer to spot price. In this table of trends, it has been observed that if someone tries to take all levels of a stock or index continuously, the losses are small but once the market catches a strong trend in either direction, one makes a huge profit that time. In our trend sheet, If we underline only the stock name and closing stop loss then it means we have trailed our closing stop loss. If we underline the complete line including all fields Stock s name, LTP, Trend, Trend changed on, Trend changed at & closing stop loss, it signifies fresh reversal of the trend. Note For our running recommendations and past performance, please click here 6