Buy IndusInd Bank, Sun Pharmaceutical Industries, says Religare Broking

IndusInd Bank Limited
Rec: BUY
Last Close: Rs 1,607.90
Initiation range: Rs 1,600-1,610
Target: Rs 1,740
Stop loss: Rs 1,530

INDUSINDBK has witnessed decent profit taking from its record high and currently hovering around the support area of 100 EMA on the weekly chart. Considering its chart pattern and oversold positions, we expect marginal consolidation followed by strong rebound ahead. The rise in volume also indicates buying interest. We advise traders to use this phase and accumulate in the given range.

Sun Pharmaceutical Industries Limited
Rec: Buy
Last Close: Rs 609.75
Initiation range: Rs 605- Rs 610
Target: Rs 645
Stop loss: Rs 588

In line with other pharma majors, SUNPHARMA has also rebounded strongly of late, after retesting its crucial price support zone around 430 levels and witnessed breakout from a bullish reversal pattern. Currently, it has been consolidating near its support zone of short moving averages (50/100) EMA’s on the daily chart, offering an opportunity for fresh buying.

ACC Limited
Rec: Sell October Futures
Last Close: Rs 1,464.70
Initiation range: Rs 1,480- Rs 1,490
Target: Rs 1,410
Stop loss: Rs 1,520

Mostly cement counters are struggling at present and ACC is no different. It has posted a breakdown of late from its distorted bearish pattern and likely to witness a fresh fall in near future. The confirmation indicators are also in sync with the view. We advise traders using any uptick to initiate fresh short positions in the mentioned zone.

Bajaj Auto Limited
Rec: Sell October Futures
Last Close: Rs 2,550.10
Initiation range: Rs 2,600- Rs 2,620
Target: Rs 2,470
Stop loss: Rs 2,680

BAJAJ-AUTO has witnessed breakdown from a distribution pattern of late and likely to see gradual decline ahead. Besides, overall weakness in auto index is adding to negativity. We advise initiating shorts on any technical bounce within the given range.

Top stock ideas by Angel Broking: Bullish on ACC, Exide Industries

Stock Market calls and outlook on Nifty by Sameet Chavan, Chief Analyst- Technical & Derivatives, Angel Broking:

Nifty Outlook
This was clearly an eventful and action packed week for our markets. Finally, we saw index coming out of the recent congestion in the latter half. Unfortunately for many traders, it happened on the down side; courtesy to global uncertainty. However, Friday’s session turned out to be a nightmare for the bears and especially for those who created fresh shorts during Thursday’s stock specific mayhem. Undoubtedly, many traders left clueless with the kind of bounce back move we witnessed in the broader market. The Nifty eventually went on to reclaim the 10700 mark on a closing basis.

Stock recommendations:
1. ACC
View – Bullish
Last Close – Rs 1294.65

Justification – We have been quite upbeat on the ‘cement’ space since last couple of weeks. Initially, it sounded a contradictory approach; but the way some of the cement stocks bounced back this week, the strategy seems to have played out well for us. ‘ACC’ continue to remain amongst the preferred choices, even after a four percent move. The weekly and daily charts look quite promising and hence, the stock is likely to extend this relief rally in coming days. We increase our near term target for this stock towards Rs 1420. Traders can keep their stop losses at
Rs 1279

Cement shares trade firm; ACC, Ambuja Cements up 3%

MARKET - Shares of cement corporations were buying and selling higher by way of as much as 7% on the BSE in midday deal on expectation of production recovery in October-December (Q3) zone of FY17.

The frontline cement shares like ACC, Ambuja Cements, India Cements, UltraTech Cement and Shree Cement have been up within the variety of 1% to 4% at 01:35 PM; in comparison to 0.06% upward push inside the S&P BSE Sensex. Sanghi Industries, Saurashtra Cement, NCL Industries, Mangalam Cement and KCP have been up between 2% to 5% on BSE.

For the length April‘17 to July’17, the cement production has declined by means of 3.5% to 95.37 million tonnes vs 98.87 million tonnes in the course of the equal period last year.

real estate and housing which constitutes -0.33 of the cement consumption has seen very low inventory addition as claimed with the aid of numerous enterprise sources.

CARE ratings expects the same to persist as clarity on RERA implementation could hold to conform at some point of the coming quarters. The newly carried out Act (RERA) along with the guidelines and compliances is making builders careful.
Infrastructure previously contributed for 13% of the overall consumption in India. With multiplied government spend and low interest in real property, Infrastructure’s share in cement consumption would inch upwards of 15% all through the modern fiscal 12 months. Roads and Public infrastructure improvement is predicted to push the demand for cement in the two coming quarters, the rating employer said in cement quarter replace.

Intraday support for Nifty seen at 9,840, says Prabhudas Lilladher

STOCK MARKET - Few trading ideas by Vaishali Parekh, Research Analyst - Technical Research at Prabhudas Lilladher:

Nifty outlook
Nifty, after giving a correction of approximately 450 points, has bounced back to close at 9,897 which is the trend line, so currently Nifty lies at cusp of levels. The next move up or down would bring in clarification for the direction of the market. The support for the day is seen at 9,840 while resistance is seen at 9,945.

BUY ACC
CMP: Rs 1811.20      
TARGET: Rs 2000      
STOP LOSS: Rs 1750
     
The stock has made a higher bottom formation in the daily chart with a rising trend bias and is poised for an up move to scale new heights. The RSI has also made a trend reversal signaling a buy and with decent volume participation witnessed. We recommend a buy in this stock for an upside target of Rs 2000 keeping a stop loss of Rs 1750.

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