WEEKLY EQUITY NEWSLETTER
22th Nov 2019 to 29th Nov 2019
• Rating agency CRISIL has downgraded long-term bank ratings for Bharat Heavy Electricals (BHEL) from “AA+” to “AA” on weaker-than-expected operating performance and the continued decline in net cash levels in the first half of the current financial year (H1FY20).
• Eicher Motors share price gained 1.6 percent intraday on November 22 after Motilal Oswal advised buying the stock with a target of Rs 25,000, implying 14 percent potential upside from current levels.In fact, Eicher is its “high conviction idea” as the company is preparing for the next leg of growth. "Worst seems behind, we expect recovery from second half of FY20 and double-digit growth in FY21.
• CSB Bank IPO sees 35% subscription so far; retail quota full subscribed
The Rs 410-crore public offer of CSB Bank, formerly Catholic Syrian Bank, was subscribed 35 percent by noon on November 22, the opening day.The public issue received bids for 39.83 lakh equity shares against the IPO size of 1.15 crore shares (excluding anchor book), as per data available on exchanges.
• Reliance Industries share price gained more than 1 percent intraday on November 22 after HSBC retained buy rating and raised the target price to Rs 1,700 from Rs 1,565 per share.
• Ujjivan Financial Services share price gained 3.7 percent intraday on November 22 after Macquarie maintained its neutral rating and raised its target price to Rs 325 from Rs 260 per share.Ujjivan SFB listing is imminent and pre-IPO deal values the company at 1.7 times estimated FY21 book value.
• RBL Bank share price jumps 6%, Chola sees stock as a market performer The management expects FY20 PAT to be around 70 percent of FY19 PAT. In addition, the bank clarified in its post Q2 earnings conference call that it will absorb all credit challenges this fiscal, predominantly in Q3 itself.
NIFTY TOP GAINERS/LOOSERS
Recommendation: - NIFTY IS VOLATILE FROM TRENDLINE BREAKOUT AND BEARISH SPINNING TOPN PATTERN BREAKOUT SHOW SELL SIGNAL. SO, TRADER CAN SELL BELOW 11900 TGT -11850 TG-11800 TG 11750-SL-11970
Recommendation: - NIFTY BANK IS VOLITILE AND TECHNICAL CAHRTS SHOWS BEARISH SPINNING TOP CANDLE BREAKOUT WITH RESISTANCE BUY SINGLE. SO, TRADER CAN MAKE THEIR POSITION SELL BELOW 31050 TGT-30950 TG-30850 TG-30750 SL-31200
CALL OF THE WEEK:-
RECOMMENDATION – AS YOU SEEN IN THE CHARTS THAT BULLISH TREND RESISTANCE BREAKOUT SHOW BUY SIGNAL SO TRADER CAN MAKE THEIR POSITION BUY ABOVE 366 TGT 370 TGT 376 TG 382 SL 357
RECOMMENDATION – AS YOU SEEN IN THE CHARTS THAT BREAKOUT TRENDLINE WITH RESISTANCE SHOWS BUY SIGNAL SO TRADER CAN MAKE THEIR POSITION BUY 513 TGT- 523 TG-533 TG- 544 SL 500
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