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Published on 21/05/2019 9:37:29 AM | Source: Religare Securities Ltd

Nifty has next major hurdle at 12,000 - Religare Securities

Posted in Market Outlook| #Market Outlook #Religare Securities Ltd

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Nifty Outlook

Markets rallied sharply today and gained nearly four percent as exit polls suggest National Democratic Alliance (NDA) to retain centre. It opened gap up strongly in early trade and gradually moved higher as the session progressed. Buying was witnessed across the board wherein banking, auto, infra and energy posted exceptional gains, closely followed by others.

It’s was a historical day for equity markets as Nifty gained nearly four percent and closed around its record high. Indications are in the favour of further surge in the following sessions however we suggest not going overboard and wait for the actual outcome on May 23. Nifty has next major hurdle at 12,000. 

 

Stock in News

* Bharat Forge’s Q4FY19 revenue grew by 14% YoY to Rs 1,669cr. EBITDA grew by 24% YoY to Rs 517cr while margins expanded by 252bps to 31%. Profit for the quarter grew by 200% YoY to Rs 300cr led by foreign exchange gain in Q4FY19 and an exceptional loss of Rs 132cr in the base quarter.

* GSK Pharma reported Q4FY19 revenue at Rs 748cr, up by 0.3% YoY. On operational front, EBITDA grew by 6% YoY to Rs 164cr while margins improved by 110bps to 21.8%. Profit for the quarter grew by 17% YoY to Rs 123cr led by higher other income.

* TV Today reported Q4FY19 revenue at Rs 166cr, down by 9% YoY. EBITDA de-grew by 48% YoY to Rs 31cr while margins stood at 18.8% against 32.8% in Q4FY18. Profit de-grew by 38% YoY to Rs 20cr. 

 

Religare Super Ideas

Axis Bank Limited (AXISBANK) 

BUY 800 CE Axis Bank Limited @ 14-16 Stop Loss 9 Target 30 CMP 17

AXISBANK has surged strongly today i.e. on 20 May, after testing it crucial support of 100 EMA on daily chart and made a new record high at 790.65. Considering the buoyancy of banking index combined its chart formation, we’ve clear signal of steady up move ahead. We advise creating fresh longs positions in the given range through call option.

Marico Limited (MARICO) 

BUY Marico Limited @ 360-362 Stop Loss 350 Target 382 CMP 363.45

We’re reiterating our long recommendation on MARICO with the updated levels as it was not initiated in the earlier session.

 

Derivative Ideas

OIL

added around 11% in open interest as long buildup was seen in it in previous session. Current chart pattern also indicates further up move in its price. We suggest buying OIL in cash as per below levels.

Strategy:- Buy OIL between 180-181, Stoploss at 176, Target 194.

 

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