Nifty May Trade in 11,600-12,000 Range For Next 3-4 Weeks - Axis Securities

4/19/2019 Nifty may trade in 11,600-12,000 range for next 3-4 weeks: Axis Securities
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Last Updated : Apr 19, 2019 09:54 AM IST | Source: Moneycontrol.com
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Nifty may trade in 11,600-12,000 range for next 3-4 weeks:

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Nifty continues to remain in an uptrend in the medium term, so buying on

dips continues to be our preferred strategy, says Rajesh Palviya of Axis
Securities.
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Rajesh Palviya
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Nifty may trade in 11,600-12,000 range for Tata Sponge Iron to shift base to Kolkata Redistribution Economic
next 3-4 weeks: Axis... tough to boost welfare s
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TRENDING NEWS
Midcap index is expected to Indian-origin girl, 9,

becomes millionaire
move towards 16,000-
after winning
16,500 and smallcap index jackpot in Dubai
(https://www.moneycontrol.com/news/trends/indian-
origin-girl-9-becomes-
millionaire-after- lottery
is expected to move winning-jackpot-in-
dubai-lottery-
towards 15,700-16,200 3852171.html)
(https://www.moneycontrol.com/news/
levels. Overall, mid and origin-girl-9-becomes-millionaire-
after-winning-jackpot-in-dubai- close x
smallcaps are expected to lottery-3852171.html)
outperform frontliners in
Samsung Galaxy Fold's screen is breaking
short to medium term, already before going on sale, company
responds
Rajesh Palviya, Head Tata Motors TCS TVS Motor (https://www.moneycontrol.com/news/trend
galaxy-folds-screen-is-breaking-already-
Technical & Derivatives before-going-on-sale-company-responds-
Watchlist Portfolio 3850141.html)
Research at Axis Securities,
Message (//mmb.moneycontrol.com/forum-topics/market-view/tata-motors-
told Moneycontrol’s Sunil 1605.html)
'Saddened that goons get preference in
Set Alert (//investmentwatch.moneycontrol.com/tracker.php?
the party': Congress spokesperson
Matkar in an interview. package_id=1&sc_did=TEL&utm_source=IW_stocklink)
Priyanka Chaturvedi
(https://www.moneycontrol.com/news/trend
that-goons-get-preference-in-the-party-
Nifty may trade in 11,600-12,000
range for Tata Sponge Iron to shift base to Kolkata Redistribution Economic
Edited excerpts:
NSELIVE congress-spokesperson-priyanka-
Q: Nifty has been rising
18 Apr, 2019 15:59 236.25 5.75 (2.49%) chaturvedi-3848981.html)
gradually but not getting Volume 42451178 Todays L/H 230.60 239.30 Hyundai unveils Venue SUV to take on
enough strength to move Maruti Brezza, to be launched on May 21
(https://www.moneycontrol.com/news/techn
above 11,800 levels. What unveils-venue-suv-to-take-on-maruti-
More (http://www.moneycontrol.com/india/stockpricequote/autolcvshcvs/tatamotors/TM03)
brezza-to-be-launched-on-may-21-
is your reading? 3846741.html)
Delhi cop refuses to look for missing Air

India of cial citing ‘bad horoscope’ phase
A: Nifty managed break out of past couple of weeks' range of 11,760-11,560. The upward (https://www.moneycontrol.com/news/india/
cop-refuses-to-look-for-missing-air-india-
breakout indicates bullish sentiments in short to medium term. The index is moving in a of cial-citing-bad-horoscope-phase-
3850161.html)
Higher Top and Higher Bottom formation on the daily as well as on weekly chart
indicating sustained up trend.
RELATED NEWS The chart pattern breakout suggests that if Nifty sustains
Debt levels have escalated

above 11,760 level it would witness buying which would
globally: Manish Chokhani lead the index towards 11,850-12,000 levels. On the
(https://www.moneycontrol.com/news/business/markets/debt-
levels-have-escalated-globally- downside, an immediate crucial support zone is placed
manish-chokhani-3851471.html) around 11,700-11,630 and any violation of this would
'Nifty fairly valued now, could witness profit booking which would take the index towards
touch 12,500 by FY20-end' AROUND THE WEB
11,550-11,500 levels.
(https://www.moneycontrol.com/news/business/markets/nifty- by
(https://mgid.com/a
utm_source=widget&utm_medium=text&utm_campaign=add&utm_conten
fairly-valued-now-could-touch-
12500-by-fy20-end-3837211.html)
At current levels, Nifty continues to hold and sustain above
its 20-day SMA (11,562) support hence, it remains a crucial
'Expect market to consolidate in
11,200-11,800 range till election level to watch for. Nifty continues to remain in an uptrend
outcome' in the medium term, so buying on dips continues to be our
(https://www.moneycontrol.com/news/business/markets/expect-
market-to-consolidate-in-11200- preferred strategy.
11800-range-till-election-
outcome-3828691.html) For the upcoming 3-4 weeks, we expect Nifty to trade in the
range of 12,000-11,600 with positive bias. The daily, weekly
(https://Earn_Money_Simply_Trading_Strategy_For_Housewives_In
and monthly strength indicator RSI and momentum oscillator Stochastic both are in Earn Money Simply! Trading Strategy For
bullish mode which supports upside rally to continue ahead. Housewives In India
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Q: Bank Nifty has been the biggest gainer in the current rally. Do you expect the rally
to continue?
A: BankNifty started the week on positive note and managed to give breakout of last eight
day consolidation range of 29,700-30,200 on closing basis.
The index is moving in a Higher Top and Higher Bottom formation on the daily as well as
close x
on weekly chart representing medium term bullish trend. The chart pattern suggests that
if Bank Nifty continues to sustain above 30,500 level it would witness buying which would
lead the index towards 30850-31000-31200 levels. On the flip side, immediate support zone
is placed around 30200 levels.
Any violation of this support would witness profit booking which would take the index
towards 30000-29800 levels. On the daily chart, Bank Nifty continue to hold and sustain
above its 20 day SMA (29990) indicating positive bias in the short term.
(https://You_Can_Get_Rich_In_India_Using_This_Trading_System)
You Can Get Rich In India Using This
Q: Can mid and smallcaps continue to outpace frontliners in 2019? Trading System
A: By referring to midcap weekly chart, this index has observed reversal in trend as it has (https://You_Can_Get_Rich_In_India_Usi
ng_This_Trading_System)
formed a “W” trend reversal pattern formation which signifies strength and increased
participation at lower levels. This index has formed a firm base around 13,800 levels
which remains a crucial demand zone. From current levels, this index is expected to move
towards 16,000-16,500 levels in short to medium term.
Smallcap index has witnessed strong breakout from its six months multiple resistance
zone of 14,800 on closing basis which confirms trend reversal on short to medium term
charts. From current levels, this index is expected to move towards 15,700-16,200 levels in
short to medium term.
Overall, mid and smallcaps are expected to outperform frontliners in short/medium term.
Q: Tata Motors has run up a lot in the last few sessions. Do you expect further
upside?
(https://Stop_Just_Dreaming_Of_A_Luxury_Life_Get_It_With_Tradi
A: Tata Motors (http://www.moneycontrol.com/india/stockpricequote/auto-lcvs- Stop Just Dreaming Of A Luxury Life! Get

It With Trading
hcvs/tatamotors/TM03) managed to give breakout of last five month consolidation range (https://Stop_Just_Dreaming_Of_A_Luxu
Rs 165-200. On the daily chart, stock is now trading above all its important (50,100,200 ry_Life_Get_It_With_Trading)
DMA) long term moving averages and 50 DMA has given upward crossover to 100 DMA
which indicates stock is gaining strength on long term charts.
Chart pattern suggests if stock continues to hold above Rs 230 then, we see more upside
towards Rs 245-250 in near term where stock may face some supply pressure. In April
expiry, the stock is currently up 37% while there was a sustainable increase in open
interest to the tune of 26%, indicating Long Build Up witnessed in the stock, and still the
trend continues.
Range of the stock can be determined around Rs 220-250 until major changes of data front
being witness, overall stock is in positive territory and trend is intact.
Q: What are your top five technical short-term bets?
Buy Tata Consultancy Services

(http://www.moneycontrol.com/india/stockpricequote/computers-
software/tataconsultancyservices/TCS) at Rs 2,130-2,110 | CMP: Rs 2,134 | Stop loss: Rs
2,085 | Target: Rs 2,230-2,270 | Upside: 6 percent
On the daily chart stock price has decisively broken out its “Triangle” pattern at Rs 2098
levels on closing basis and sustaining above the same.
Stock price is trading above 20 and 50, 100 day SMAs which are important short term close x
moving averages, indicating positive bias in the short to medium term.
Buy TVS Motor Company (http://www.moneycontrol.com/india/stockpricequote/auto-

2-3-wheelers/tvsmotorcompany/TVS) at Rs 519-513 | CMP: Rs 519 | Stoploss: Rs 506 |
Target: Rs 540-550 | Upside: 6 percent
The daily strength indicator RSI and the momentum indicator Stochastic both are in
positive territory which supports upside momentum to continue near term.
Buy Motilal Oswal Financial Services

(http://www.moneycontrol.com/india/stockpricequote/finance-
general/motilaloswalfinancialservices/MOF01) at Rs 740-730 | CMP: Rs 742 | Stoploss:
Rs 710 | Target: Rs 770-780 | Upside: 5 percent
Stock price is sustaining well above its 20, 50 and 100day SMA which supports bullish
sentiments ahead.
Buy Kotak Mahindra Bank

(http://www.moneycontrol.com/india/stockpricequote/banks-private-
sector/kotakmahindrabank/KMB) at Rs 1,380-1,370 | CMP: Rs 1,383 | Stop loss: Rs
1,350 | Target: Rs 1,460-1,480 | Upside: 7 percent
The stock has decisively broken out its consolidation Rs 1,360-1,365 levels on closing basis
and sustaining above the same.
Buy Reliance Industries

(http://www.moneycontrol.com/india/stockpricequote/refineries/relianceindustries/RI)
at Rs 1,345-1,355 | CMP: Rs 1,345 | Stop loss: Rs 1,310 | Target: Rs 1,410-1,430 | Upside:
6 percent
Stock has been taking support of rising Trend line; Stock has seen a consolidation in the
range of Rs 1,320-1,360 in last few sessions.
Though the volumes are less, price action suggest positive momentum in the stock going
ahead once it sustain above consolidation zone of Rs 1,360.
Disclaimer: The views and investment tips expressed by investment expert on

Moneycontrol.com are his own and not that of the website or its management.
Moneycontrol.com advises users to check with certified experts before taking any
investment decisions.
First Published on Apr 19, 2019 09:54 am
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Last Updated : Apr 19, 2019 12:24 PM IST | Source: PTI
Tata Sponge Iron to shift base to Kolkata

In the stock exchange filing, the firm also said that its board has approved a
proposal to change the name of 'Tata Sponge Iron' to 'Tata Steel Long
Products Limited'.
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Tata Sponge Iron Ltd, a

subsidiary of Tata Steel, has
decided to shift its
registered office from The Market Podcast | Only handful
of stocks will rally until poll results
Keonjhar in Odisha to are declared
Kolkata, burying the (https://www.moneycontrol.com/new
market-podcast-only-handful-of-
hatchet over the Nano
stocks-will-rally-until-poll-results-
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In a regulatory filing, Tata Sponge Iron said its board has "approved the shifting of the
registered office of the company to West Bengal, subject to the approval of the members of
the company and other regulatory authorities". TRENDING NEWS
The company, which is scheduled to hold its 36th Annual General Meeting (AGM) on July Indian-origin girl, 9,
15 in Keonjhar, has an installed sponge-iron-making capacity of 390,000 tonne a year and becomes millionaire
after winning
a 26 megawatt waste heat recovery power plant. jackpot in Dubai
winning-jackpot-in-
Nifty may trade in 11,600-12,000 range for Tata Sponge Iron to shift base to Kolkata dubai-lottery- RedistributionEconomic
3852171.html)
In the stock exchange filing, the firm also said that its board (https://www.moneycontrol.com/news/
RELATED NEWS origin-girl-9-becomes-millionaire-
Hardik Patel slapped at poll rally has approved a proposal to change the name of 'Tata Sponge after-winning-jackpot-in-dubai-
lottery-3852171.html)
in Gujarat Iron' to 'Tata Steel Long Products Limited'.
(https://www.moneycontrol.com/news/politics/hardik-
patel-slapped-at-poll-rally-in- already before going on sale, company
Notably, Tata Sponge has recently acquired Kolkata- based
gujarat-3856861.html) responds
Usha Martin's steel business, which includes its Jamshedpur (https://www.moneycontrol.com/news/trend
Congress has become fringe galaxy-folds-screen-is-breaking-already-
party, siding with tukde, tukde unit and an operative iron-ore mine, a developing coalmine, before-going-on-sale-company-responds-
3850141.html)
gang: Prakash Javadekar a captive power plant and certain land parcels, at a cost of
(https://www.moneycontrol.com/news/politics/congress- 'Saddened that goons get preference in
has-become-fringe-party-siding- Rs 4,090 crore. the party': Congress spokesperson
with-tukde-tukde-gang-prakash- Priyanka Chaturvedi
javadekar-3856841.html) The company, which reported revenues of Rs 1,049.70 crore
Here’s why Jet Airways is not

in the financial year ending March 31, 2018, was established congress-spokesperson-priyanka-
chaturvedi-3848981.html)
eligible for an aviation insurance in 1982 as a joint venture between Tata Steel and Industrial
claim Hyundai unveils Venue SUV to take on
Promotion & Investment
(https://www.moneycontrol.com/news/business/economy/heres- Corporation of Orissa Ltd (Ipicol). Maruti Brezza, to be launched on May 21
why-jet-airways-is-not-eligible-
unveils-venue-suv-to-take-on-maruti-
for-an-aviation-insurance-claim- In 1991, Tata Steel acquired Ipicol's entire stake and Tata brezza-to-be-launched-on-may-21-
3856571.html) 3846741.html)
Sponge became an associate company of Tata Steel.
First Published on Apr 19, 2019 12:13 pm India of cial citing ‘bad horoscope’ phase
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Redistribution Economics | It will be tough to boost welfare

spending without compromising on scal targets
The intent and policy drift are crystal-clear now. The key question then is
how can India make room for large entitlement-based transfers?
Moneycontrol Contributor
@moneycontrolcom (https://twitter.com/moneycontrolcom) (https://www.moneycontrol.com/news/widget/whatsapp.html)
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by Mysuru voters on Dinshaw's scoop
Economics
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3-Point Analysis |
will Lok Sabha polls 2019: China’s GDP grows
be MUST LISTEN
tough
to
boost
welfare
spending
without
compromising The Market Podcast | Only handful
on of stocks will rally until poll results
are declared
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are-declared-3853501.html)
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3852871.html) origin-girl-9-becomes-millionaire-
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after-winning-jackpot-in-dubai-
Sachchidanand Shukla Samsung Galaxy Fold's screen is breaking
already before going on sale, company
Inequality and growth have responds
close x
been rather touchy topics galaxy-folds-screen-is-breaking-already-
before-going-on-sale-company-responds-
lately. Empirical work in 3850141.html)
A volunteer pushes a cart of repacked rice for victims of Super
this area posits that greater Typhoon Mangkhut at the Department of Social Welfare and 'Saddened that goons get preference in
equality can help sustain Development, National Relief Operations Center in Pasay City,
Priyanka Chaturvedi
Metro Manila, in Philippines. (Reuters) (https://www.moneycontrol.com/news/trend
growth. This, in turn, is
based on a loose consensus congress-spokesperson-priyanka-
chaturvedi-3848981.html)
that inequality can
Hyundai unveils Venue SUV to take on
undermine progress and reduce the pace and durability of growth. To be sure, there is Maruti Brezza, to be launched on May 21
Nifty may trade in 11,600-12,000 range for Tata Sponge Iron to shift base to Kolkata (https://www.moneycontrol.com/news/techn
Redistribution Economic
next 3-4 weeks: Axis... unveils-venue-suv-to-take-on-maruti-
tough to boost welfare s
brezza-to-be-launched-on-may-21-
also an opposite take. In his book Equality & Efficiency: The big Tradeoff Arthur Okun 3846741.html)
focussed on the negative effect of redistributive policies and highlighted the trade-offs
between efficiency and equity, and on efficiency “leaks.” India of cial citing ‘bad horoscope’ phase
(https://www.moneycontrol.com/news/india/
In the case of India, the notion of a trade-off between redistribution and growth seems of cial-citing-bad-horoscope-phase-
3850161.html)
deeply embedded in policymakers’ consciousness and public discourse. Ever since Dr
Arvind Subramanian proposed Universal Basic Income as a ‘’radical new vision’’ in the
2016-17 Economic Survey, there has been a rather dramatic shift not only in discourse but AROUND THE WEB
by
(https://mgid.com/a
also in terms of acceptance from the political economy. utm_source=widget&utm_medium=text&utm_campaign=add&utm_conten
Both the ruling party and the opposition have proposed redistribution schemes to benefit
sections of the poorest families. That is not all. At least 8 states have now rolled out a
quasi-UBI kind of income transfer schemes on the lines of the PM-KISAN scheme with
Telangana being the first off the blocks with its Rythu Bandhu Scheme.
RELATED NEWS Note that these schemes are late entrants. India was one of
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Congress has become fringe
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(https://www.moneycontrol.com/news/politics/congress- ategy_For_Housewives_In_India)
has-become-fringe-party-siding- which cost about 5 percent of GDP. However, the most
with-tukde-tukde-gang-prakash-
javadekar-3856841.html) common and biggest gripe has been that it often leaves out
the really deserving and needy.
Politics | How Raj Thackeray’s
campaign is helping Congress
and NCP
Thus, the 2016-17 Economic Survey advocated that ‘’serious
consideration
(https://www.moneycontrol.com/news/india/politics- be given to the new idea of a universal basic
how-raj-thackerays-campaign-is-
helping-congress-and-ncp-
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The intent and policy drift are crystal-clear now. The key question then is how can India
make room for large entitlement-based transfers? Will it mean a compromise on fiscal
targets?
If the government sticks to fiscal targets, then there are only two options: Raise the tax-to
GDP ratio or rejig expenditure. Party manifestoes offer little clarity on implementation.
Some have even promised to lower tax rates while doing so!
close x
A look at global experience shows that typically welfare expenditure is enhanced when
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the tax- to-GDP ratio is at least 20 percent.. However, India has embarked on such Switch To An Online Career And Be Your
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India’s ‘’core’’ tax revenues (i.e. excluding non-debt capital receipts such as divestments)
have largely remained stagnant in single digits over the last couple of decades, witnessing
an uptick only lately. Yes, the successful implementation of GST should boost the tax-to-
GDP ratio over time. However, there is a dire need for direct tax reform to enhance the tax
effort. Rising welfare expenditure cannot go hand in hand with a stagnating tax-to-GDP
ratio.
Another way, of course, is expanding the pie or nominal GDP itself. The size of population
makes it clear that India should depend on growth rather than just redistribution. But
political parties as well as people, like in other places including some of the developed
world, seem to be giving up on the ability of economic growth to lift living standards.
The second option, rejigging expenditure, is also a tough policy act which may not be
politically palatable. The central government spends almost three-quarters of its total
expenditure on non-discretionary (interest payments, salary & wages and employee
pensions) and semi-discretionary items (such as subsidies, MGNREGA and grants to
states/UTs).
It is very tough politically to withdraw or take away subsidies or grants once given.
Remember that binding entitlement-based transfers can balloon over time and the net
present value of such promises should be taken into account. Recurring expansionary
safety nets, espoused by leading parties at the Centre and states, would only constrain
fiscal flexibility further and could lead to a deterioration in the quality of spending.
In the end analysis, if income transfers are used alongside continuing subsidies and rising
procurement prices etc, it will cause a fiscal hiccup. There are no easy answers if the next
government wants to prop up welfare spending without compromising the fiscal deficit.
(The author is chief economist Mahindra Group. Views are personal)
First Published on Apr 19, 2019 12:05 pm
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Last Updated : Apr 19, 2019 11:55 AM IST | Source: Moneycontrol.com
'With valuations not cheap, IIP growth slow, invest in a

staggered manner'
Elections would continue to be on top of everyone’s mind in the short term
along with corporate
Nifty earnings
may trade in 11,600-12,000 range for Tata Sponge Iron to shift base to Kolkata Redistribution Economic
Siddharth Sedani
text='With
valuations
not
cheap,
IIP
growth
slow,
invest
in a
staggered
manner'
http://www.moneycontrol.com/news/business/stocks/with-
u=http://www.moneycontrol.com/news/business/stocks/with-
valuations-
valuations-
valuations-
valuations-
valuations-
not- not- not- not- not- What are issues faced
by Mysuru voters
HUL, Carlyle, Lotte keen
on Dinshaw's scoop
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growth-
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growth-
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manner-
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manner-
3856501.html)
3856501.html)
3856501.html)
3856501.html)
3856501.html)
Siddharth Sedani The Market Podcast | Only handful

of stocks will rally until poll results
Indian equity market are declared
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performance boosted by stocks-will-rally-until-poll-results-
positive domestic and are-declared-3853501.html)
global cues. Key domestic
drivers were - strength in STAY UPDATED
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dollar and easing of interest
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Finolex Cables ITC HUL
rates by RBI. close x
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may not raise interest rates

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Nifty may trade in 11,600-12,000 range for Tata Sponge Iron to shift base to Kolkata dubai-lottery- Redistribution Economic
invest aggressively in the
next 3-4 weeks: Axis... 3852171.html) tough to boost welfare s
(https://www.moneycontrol.com/news/
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bought equities worth Rs after-winning-jackpot-in-dubai-
34,000 crore in March 2019 and Rs 17,000 crore in February 2019.
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responds
Investor interest remained high in financials and IT (https://www.moneycontrol.com/news/trend
(http://www.moneycontrol.com/elite/profile/siddharth-
sector. Elections would continue to be on top of
galaxy-folds-screen-is-breaking-already-
before-going-on-sale-company-responds-
sedani-4484> <img src=) everyone’s mind in the short term along with corporate
3850141.html)
Siddhar earnings. 'Saddened that goons get preference in

Priyanka Chaturvedi
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slow, invest in a staggered manner' 3846741.html)
(https://www.moneycontrol.com/news/business/stocks/with-
valuations-not-cheap-iip-growth-slow-
India of cial citing ‘bad horoscope’ phase
invest-in-a-staggered-manner- (https://www.moneycontrol.com/news/india/
3856501.html) cop-refuses-to-look-for-missing-air-india-
of cial-citing-bad-horoscope-phase-
'IT majors to post strong revenue growth, 3850161.html)
but margins may falter'
(https://www.moneycontrol.com/news/business/markets/it-
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'Long-term investors should ignore

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(http://www.moneycontrol.com/india/stockpricequote/personal-
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should drive healthy growth in the medium term.
In terms of per capita FMCG consumption India stands lowest within its developing
close x
country peers at just around USD 29 as against Indonesia which amounts to almost double
while China at four times India’s consumption.
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20.
The operating margins for the company should continue to improve with our estimate of
around 120 basis points over two years. We expect the company’s EBITDA margins to be
around 21.8% in FY-19E and 22.3% in FY-20E.
ITC (http://www.moneycontrol.com/india/stockpricequote/cigarettes/itc/ITC) | Rating:

Buy | CMP: Rs 304 | Target: Rs 352 | Upside: 15 percent
ITC is the leading FMCG marketer in India, a preeminent hotel chain, the clear market
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facility at Trichy, Tamil Nadu in Sep'18.
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Bhubaneswar, Guntur, and Amritsar. Also, the construction activity of the company’s first
overseas project in Colombo is progressing.
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a capacity of 1.5 lakh TPA in August 2018 taking the overall capacity to 7.4 lakh TPA in
order to utilize overall macroeconomic opportunities.
ITC reported a growth of 14.9% in its standalone in Q3-FY18. Revenue growth was driven
by broad-based growth across all the segments. Cigarettes business registered a volume
growth of 8% after factoring in the price hike taken in this segment.
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cash flows, continuous capacity expansions across businesses and a healthy balance sheet,
we have a positive view on the company over medium to longer term.
Finolex Cables (http://www.moneycontrol.com/india/stockpricequote/cables-

telephone/finolexcables/FC01) | Rating: Buy | CMP: Rs 479 | Target: Rs 507 | Upside: 6
percent
Finolex Cables is an Indian manufacturer of electrical and telecommunication cables and

also polyvinyl chloride (PVC) sheets for roofing, signage and interiors.
We like Finolex Cables for its leading position in electrical and communications cables. Its
strong brand equity, all-India distribution network, robust balance sheet and free-cash-
flow generation would help it diversify into electrical goods, a large market with ample
growth opportunities. close x
Despite a 14% YoY rise in Q3 standalone revenue, Finolex PAT stood at 759 (up 1% YoY)
which was better than expected.
The huge cash balance (11bn, non-strategic) may help it expand inorganically and reward
shareholders in some way.
The strong management team helped the EBITDA margin expand 490bps over FY13-18
coupled with the diversification into consumer-facing businesses.
Success in the new product categories, significant improvement in the JVs’ performances
and strong earnings growth in the core business would decide the sustenance of high
valuation.
The attractive valuation (11x FY21 P/E) drives us to maintain our Buy recommendation,
with a target price of Rs 507.
(The author is Vice President - Equity Advisory at Anand Rathi Shares and Stock Brokers)
Disclaimer: The views and investment tips expressed by investment expert on

Moneycontrol.com are his own and not that of the website or its management.
Moneycontrol.com advises users to check with certified experts before taking any
investment decisions.
First Published on Apr 19, 2019 11:54 am
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4/19/2019 Nifty may trade in 11,600-12,000 range for next 3-4 weeks: Axis Securities

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Nifty may trade in 11,600-12,000 range for next 3-4 weeks:

Nifty continues to remain in an uptrend in the medium term, so buying on

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First Published on Apr 19, 2019 09:54 am

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(The author is chief economist Mahindra Group. Views are personal)

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Last Updated : Apr 19, 2019 11:55 AM IST | Source: Moneycontrol.com

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First Published on Apr 19, 2019 11:54 am

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