Stock Market Trading Tips & Fundamental Strategy
Stock Market News and Analysis:
Equity Benchmark ended higher but off day’s high with Nifty ended near 10,900 level after Interim Budget. Major gainers are from energy, auto, FMCG, IT, pharma and infra stocks while metal and banking stocks were remained under pressure during the day Nifty closed at 10893.65 and for coming session its key support is at 10800 while on higher side its key resistance is at 11000.
Headlines for the day:
- PNB hiked MCLR across various tenors by 5 basis points. One month MCLR at 8.20% and one-year MCLR was at 8.55%.
- Reddy’s Laboratories Q3 profit grew 45% to Rs 485 crore, US business declined 8%.
- Ashok Leyland Limited Jan sales grew 9% to 19,741 units.
- RCOM board has decided to implement their resolution plan via the NCLT IBC frame work. The Board made the decision as it has not been possible to achieve consensus with existing lenders to approve the current resolution plan even after 18 months. The company had planned to sell its tower and spectrum assets in order to reduce its debt to a serviceable level. However, pending litigation has also halted the resolution process.
- Escorts Limited posted strong volume numbers in Jan 2019. It sold 5,991 tractors in Jan 2019. Total volumes for the month were higher 13% yoy and 30% mom. The company sold 5,762 tractors in the domestic market in January 2019, up 12% yoy and 37% mom. Export volume was 229, up 47% yoy and down 41% mom.
- Bank of India shares took a beating in intraday trade even after the Reserve Bank of India notifying that the state-owned lender was out of the prompt corrective action framework.
- State Bank of Indiareported profit of Rs3,955 cr in Q3FY19 against a loss of Rs2,416.4 crore in the same quarter last year. The bank’s NII came at Rs 22,691 crore versus Rs 21,902 crore yoy, which is up by 21.4% yoy. Operating profit increased by 7.4% yoy from Rs11,755cr in Q3FY18 to Rs12,625cr in Q3FY19 driven by healthy growth in net interest income and lower growth in overhead expenses.
- Yes Bank share prices were trading lower in afternoon trade after the board stated that Pralay Mondal tendered his resignation as Senior Group President and Head – Retail & Business Banking on January 31, 2019.
- Vedanta share pricesslumped 18% after the company posted its Q3FY19 results. The company’s revenue in the quarter ended December 2018 declined 2.8% yoy to Rs23,669 crore. EBITDA stood at Rs5,953 crore, down 10.8% yoy against the estimates of Rs5,789 crore. The adjusted net profit stood at Rs1,574 crore.
- Reserve Bank of India stated that Bank of Maharashtra, Bank of India and Oriental Bank of Commerce were allowed to exit the prompt corrective action framework after meeting the regulatory norms.
- Calls for Tomorrow :
- CALL: SELL JINDALSTEL EQ BELOW 127 TARGETS 125.70/124.45/123.15 SL 128.30
Description: Stock heading towards its immediate resistance and hovering near 52 week low. Breakout is expected below 127.
- CALL: BUY CADILAHC EQ ABOVE 326 TARGETS 329.30/332.55/335.80 SL 322.70.
Description: Stock witnessing correction from lower levels and heading towards its immediate resistance and rally is expected above the mentioned level.