Equity Tips And Fundamental Report For Traders
Stock Market News and Analysis:
Benchmark Indices ended negative, witnessing selling pressure throughout the day as profit booking weighed in. The Bank Nifty index underperformed as a sharp selloff was witnessed in major largecap banks. Nifty closed at 11234.55 and for coming session its key support is at 11150 while on higher side its resistance is at 11300
Headlines for the day:
- Ashok Leyland Limited to observe non-working days between 2-15 days in all plants in Oct.
- Indiabulls Housing Finance Limited to consider share buyback plan on October 14.
- Future Retail Limited to consider raising funds on October 12.
- Biocon Limited announced that Biocon Biologics, a wholly owned subsidiary of Biocon Limited, and Just – Evotec Biologics, wholly owned by Evotec SE, have entered into a strategic licensing agreement for an early-stage, pre-clinical biosimilar asset..
- Maruti Suzuki India Limited share prices declined in the afternoon session after reports stated that Suzuki Plc slashed FY20 net sales guidance by 10%, profit guidance by 30% and operating income guidance by 39.4%.
- Tata Motors Limited share prices declined over 3%. The Tata Motors Group global wholesales in September 2019, including Jaguar Land Rover, came lower by 27% at 89,912 units as compared to September 2018.
- Piramal Enterprises Limited stated that there are certain market participants that are spreading false/misleading rumours against the Company’s Financial Services business, in an attempt to create panic amongst various stakeholders
- Torrent Pharmaceuticals Limited informed that it has received a warning letter dated 08-0ct-19 from the US Food & Drug Administration for its Indrad facility in Gujarat. This action follows the earlier intimation received from USFDA in August 2019, wherein the agency had classified its inspection as “Official Action Indicated” (OAI).
- IndusInd Bank share prices declined more than 6% intraday on October 10 after company posted 3.4% sequential decline in the September quarter profit. The company’s profit during the quarter declined to Rs 1,383.37 crore compared to Rs 1,432.5 crore reported in June quarter, on year-on-year (YoY) basis it jumped 69%.
- DCB Bank Limited revised its Marginal Cost of Funds based Lending Rate across various tenors with effect from October 10. One-month MCLR is at 8.87% and one-year MCLR is at 10.47%.
Calls for Tomorrow:
- CALL: BUY TITAN EQ ABOVE 1242.50 TARGETS 1254.95/1267.35/1279.80 SL 1230.05
Description: Stock form consolidation near its immediate resistance on intraday chart and settled with bullishly bias. Hence rally is expected above the mentioned level.
- CALL: BUY COLPAL EQ ABOVE 1304 TARGETS 1317.05/1330.10/1343.15 SL 1290.95
Description: Stock hovering near its key resistance on daily chart and settled with bullishly bias. Hence breakout is expected ahead.