Stock Tips & Fundamental Market Report
Stock Market News and Analysis:
Equity benchmark ended higher for the third consecutive day with Nifty finished above 11,050. Among the sectors, barring auto all other indices ended in green led by pharma, energy, infra and metal. Nifty closed at 11053 and for coming session its key support is at 11000 while on higher side its key resistance is at 11120.
Headlines for the day:
- Cipla launches generic cinacalcet hydrochloride tablets in US.
- Bank of Baroda cut lending rates by 10 basis points.
- RBI imposed a penalty of Rs 2 crore on Bank of Maharashtra for delayed implementation of SWIFT-related operational controls.
- Quick Heal Technologies Limited share prices surged in the morning trade after the board approved buyback of equity shares. The Board of Directors of the company has approved a buyback of up to 63.63 lakh equity shares of the company aggregating up to 9.02% of the fully paid up equity share capital of the company at Rs275 each share.
- Bharat Forge Limited share prices fell 2% in late morning trade after reports suggested that North American Class 8 orders for February dropped for the second consecutive month in 2019 16,700 units.
- Grasim Industries Limited share prices surged 1% after the company inked a definitive agreement to acquire 100% equity shareholding of Soktas India Private Limited, from its current promoters, for an enterprise value of Rs165 crore.
- L&T Construction has bagged orders from Bangalore Metro Rail Corporation Limited for the design and construction of Phase – 2 work. The project is to be completed in 42 months.
- Dewan Housing Finance Limited share prices climbed 18% after company released a report of Independent Chartered Accountant (CA) firm T. P. Ostwal & Associates LL on CobraPost allegations.
- Reliance Communication has written a letter to the Department of Telecommunications secretary to issue a no objection certificate to its pending spectrum trading deal with Reliance Jio Infocomm.
- Zydus Cadila has got an approval from the US Food & Drug Administration to market Rivastigmine Transdermal System, 4.6 mg/24 hrs, 9.5 mg/24 hrs and 13.3 mg/24 hrs, marking its first approval for a transdermal product in the United States.
- Calls for Tomorrow :
- CALL: BUY BAJAJAUTO EQ ABOVE 2943 TARGETS 2972.45/3001.90/3031.30 SL 2913.55
Description: Stock heading towards its major resistance on daily chart and settled with bullishly bias. Hence rally is expected above the mentioned level.
- CALL: BUY BAJFINANCE EQ ABOVE 2777.65 TARGETS 2805.45/2833.20/2861 SL 2749.85.
Description: Stock settled near its immediate key with bullishly bias on daily chart and breakout is expected above 2777.65