Market Wrap-up:
MARKET UPDATES.
Market
snapped a four day winning streak, failed to hold the US Fed cheer and
ended lower on the back of profit booking at higher levels. Sentiment
was hit after the government lowered its GDP growth forecasts. Stocks in
IT, Pharma, banks and metals dragged down the indices.
HEADLINES:
- Govt slashes Financial Year 16 growth forecast to 7-7.5 percent.
- Syndicate Bank raises Rs 750 crore through bonds.
- Banks to follow a uniform methodology from April next year says RBI.
- Muthoot Finance plans to raise Rs 500 crore through NCDs.
- Take Q3 revenues to be impacted by Chennai floods.
- TComm partners for tech solutions with SimbaNET in East Africa.
STOCKS IN NEWS:
- Jyoti: Jyoti shares moved higher after securing order worth Rs 1.39 billion from DRN Infrastructure, Hubli, Karnataka.
- GoAir: As per reports GoAir is set to rise its existing fleet in the next 5 years staring from 2016.
- UltraTech Cement: UltraTech
Cement appoints new Managing Director and Additional Director for a
period of four years to K K Maheshwari which will be effective from 1st
April 2016.
- NTPC: NTPC likely to drop plans to buy
Damodar Valley Corporation’s (DVC) Bengal plant after the railways
refused to buy power from the utility.
- Reliance Industries: RIL
tanks after Oil Minister vowed to protect govt and ONGC’s interest on
the issue of state owned firm’s natural gas from the Bay of Bengal block
flowing to adjoining fields, after ONGC accused RIL of siphoning gas
from its block off the Andhra coast.
- Strides Arcolab: STAR
moved higher after the company decided its floor price for the QIP
(qualified institutional placement) at Rs.1344.78 per share.
STOCK RECOMMENDATION:
- 1. MAJESCO EQ.
Majesco
EQ gains and closed near around its immediate resistance, expected to
give breakouts in the next trading session. Stock is trading above 100
DMA which also indicates more Long run in stock. Buy above 662 targets
668.60/675.30/682.10 SL 655.20.
- 2. BEML EQ (Intraday Chart).
BEML
EQ gains for the fifth straight day in a row, On Friday stock gains in
the first half of the day and consolidated for the rest. Positive
breakouts could be seen. Buy above 1271.90 targets
1284.60/1294.50/1310.50 SL 1259.
WEEKLY STOCK RECOMMENDATION:
All
Index closed in Red territory except Realty, Ajmera EQ is heading
towards its immediate resistance, positive breakouts of resistance and
trend line could be seen. Buy above 177 targets 180.60/184.20 maintain
SL of 171.
