Market Mantra

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Key benchmarks came off day's low and were trading with minor losses in morning trade. At 11.29 IST, the barometer index, the S&P BSE Sensex, was trading at 37,872.36 up 20.36 points (+0.05%) while NSE  was seen at  11,442.20 up 7.10 points (+0.06%) Trading sentiment was fragile due to negative Asian stocks.

Broader market bounced back. Among secondary barometers, the BSE Mid-Cap index was up 0.05%. The BSE Small-Cap index was up 0.32%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was positive. On BSE, 1116 shares rose and 973 shares fell. A total of 106 shares were unchanged.

Drug major Sun Pharmaceutical Industries was up 2.22% after the company announced securing US Food and Drug Administration (FDA) approval for CEQUA. The announcement was made before market hours today, 16 August 2018. CEQUA (cyclosporine ophthalmic solution) 0.09% is indicated to increase tear production in patients with keratoconjunctivitis sicca (dry eye).

Overseas, Asian stocks declined, tracking overnight fall in the US market. Japan logged a bigger-than-expected trade deficit in July as the cost of energy imports surged, government data showed Thursday. The trade deficit came to 231.2 billion yen ($2.1 billion) following a revised 720.8 billion yen surplus in June, according to a preliminary report by the Finance Ministry. Exports grew 3.9% from a year earlier to 6.75 trillion yen amid an increase in demand for electronic components from the rest of Asia, but were overshadowed by a 14.6% rise in imports to 6.98 trillion yen.

Mandhana Industries Ltd (Rs.4.65) hit the upper circuits in the morning trade at Rs.4.95. The company is having a couple of bidders ready for the resolution of its debt. Recently, there were media reports that Bollywood superstar Salman Khan's Being Human Clothing operating as the retail division of The Mandhana Industries has forayed in Tamil Nadu market by setting up of its first company outlet store in Chennai. The Being Human Clothing store is spread across 1,322 square foot in the newly opened outlet Palladium Mall at Velacherry. 
The company has trimmed down its losses to Rs 4.61 crore in the quarter ended June 2018 as against a net loss of Rs 76.33 crore during the previous quarter ended June 2017. Sales however declined by 22.57% to Rs 66.93 crore in the quarter ended June 2018 as against Rs 86.44 crore during the previous quarter ended June 2017. You can buy for a target of around Rs.9.7, in the short term. Also, the depreciation of INR is positive for the textile sector.

The shares of TV Vision Ltd (Rs.5.85) hit another lower circuit today, after profit booking was suggested to the Premium Members, a couple of days back. Similarly, the scrip of Sri Adhikari Brothers Television Network Ltd (Rs.7.40) also hit the lower circuits. The supports for both these scrips were mentioned to the Premium Members a couple of days back. Also, the reasons for their sudden upmove was also told to the Premium Members. If you want to know, then you need to join the Premium Service. 

Now, HIGHLY DISCOUNTED Life Time (30 years) Subscription Offer at the rate of only Rs.2000 per year for Non-F&O segment and Rs.3333 per year for F&O space is going on; for my information service. The cumulative amount for the said period has to be paid in one shot. There is NO INSTALLMENT facility. 

The scrip of Den Networks Ltd today is trading at Rs.57.52, after making a high of Rs.58.2. You can start accumulating the scrip for a short term target of Rs.71, keeping a SL at Rs.52. This scrip is likely to give good returns going forward, as it is likely to be a takeover candidate. 

The stock of J P Associates Ltd (Rs.13) is languishing at the current ranges.  Though, the big bull Rakesh Jhunjhunwala has increased his holding in the company, I would suggest you to stay away from this counter till more clarity emerges, regarding its bid for J P Infratech. I have recommended this stock a number of times earlier in this blog, and in most of the cases the traders have money in the scrip. 

The share of Reliance Communications Ltd today made an intraday high of Rs.21.35 and is now trading at Rs.20.80. Those who are holding the scrip since Rs.13 levels are suggested to book profits and wait for the stock to close above Rs.23, to take a fresh entry. 

The stock of Kwality Ltd hit another buyer freeze at Rs.22.15. However, I would suggest you to book some profits and hold the rest with a SL at Rs.21. The scrip was recommended to the Premium Members at around Rs.12.50. 

The share of Reliance Naval and Engineering Ltd has hit the lower circuits at Rs.17.15. The traders are suggested to exit the counter, in any intraday rise. I had recommended the scrip at around Rs.13, a couple of months back in this blog. The stock make a recent high of around Rs.20 giving good returns to the short term players. 

~~ with inputs from Capital Market Live News.....