The market edged lower in early trade as Asian stocks fell after stronger than expected US job data fuelled expectations the US Federal Reserve will slow the pace of monetary stimulus later this year. Weakness continued in morning trade.
Realty stocks declined. Capital goods stocks also edged lower. Among pharma stocks, Dr Reddy's Laboratories and Cipla gained on defensive buying. HDFC and Tata Motors extended initial losses. Hero MotoCorp reversed initial losses.
Today’s Equity Calls:Realty stocks declined. Capital goods stocks also edged lower. Among pharma stocks, Dr Reddy's Laboratories and Cipla gained on defensive buying. HDFC and Tata Motors extended initial losses. Hero MotoCorp reversed initial losses.
•BUY CERA SANITRYWARE (LCP 501.05) ABOVE 503 TG-509-517
•BUY AJANTA PHARMA (LCP-987.95) ABOVE 990 TG-997-1010
•BUY WHEELS (LCP-819.8) ABOVE 823 TG-830-840
•BUY LA OPALA (LCP-371.95) ABOVE 373 TG-378-385
Today’s Recommendations:
CapitalHeight’s stock recommendation for 08/07/2013 is Idea Cellular Ltd. It has been trading in range from last few days. In today’s trading session, it closed down with the loss of 2.97%. On the daily chart, it made a long black candlestick and momentum indicator stochastic is also trading in negative territory. It breached trendline support level. All the indicators are suggesting that we can see some downside movement in the stock. Its short term strong support level is around 124. One can go for short position in Idea Cellular below 137. The stock may test level of 125 in near term.
Our recommendation on Idea Cellular is SELL below 137 for the Target of 132/128.
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