Fundamental Analysis on Stock Trading & Updates
Stock Market News and Analysis:
Equity benchmark snapped its three-day losing streak and closed half a percent higher on the beginning of March series, but the broader markets staged smart show on strong breadth. Nifty closed at 10863.50 and for coming session its key support is at 10820 while on higher side its key resistance is at 10900.
Headlines for the day:
- HDFC Bank acquired 9.1% stake in CSC E-Governance Services for Rs14.62 core.
- Kotak Mahindra Bank cut MCLR by 5 basis points across various tenors. One month MCLR at 8.35% and one year MCLR at 9%.
- Tata Motors shares gain after Tata Sons raise stake in company.
- Wockhardt Limited has received approval from the United States Food & Drug Administration for an ANDA for 250mg tablet of Abiraterone acetate, which is used to treat prostate cancer.
- Tata Motors share prices surged in the last hour of trading after a report stated that the auto company is exploring options for its Jaguar Land Rover Automotive Plc, including a potential stake sale.
- Castrol India Limited and Ford Motors have signed a deal to supply engine and transmission oils. As part of the agreement, Castrol India will provide dedicated support to Ford Motors on the supply of engine and transmission oils to the Ford dealer channel network in India.
- Zinc mine of Vedanta Limited in South Africa officially opened. The project was given a go-ahead in 2014 and Gamsberg Reserve, South Africa Mine has reserve of 214 MT and estimated life of 30+ years.
- Motherson Sumi systems Limited arm inked agreement with the UK-based Bombardier Transportation to acquire the latter’s assets in connection with production and installation of electrical components and systems for applications in the rail industry.
- Jet Airways Limited founder Naresh Goyal agreed to resign as chairman. Additionally, six more aircrafts have been grounded due to non-payment. That makes it 19 grounded planes. The company says it is making all efforts to minimise disruption of its network.
- Bharti Airtel Limited informed that its board has approved the fundraising of up to Rs32,000 crore via rights issuance of up to Rs25,000 crore; and Perpetual Bond with equity credit to Rs7,000 crore.
Calls for Tomorrow :
- CALL: BUY TATAELXSI EQ ABOVE 915 TARGETS 924.15/933.30/942.45 SL 905.85
Description: Stock heading towards its immediate resistance on daily chart and settled with bullishly bias. Hence rally is expected above the mentioned level.
- CALL: BUY TVSMOTOR EQ ABOVE 469.35 TARGETS 474.50/478.75/483.45 SL 464.65.
Description: Stock retrieve from lower levels and settled near its immediate resistance with bullishly bias. Hence breakout is expected above 469.35.