Index Trends And Stocks In Action For April 03, 2014
DSIJ Intelligence / 03 Apr 2014
On downside Nifty has strong support around 6720 and next important support is around 6660. In case of some bad news flow or profit taking if index manages to trade below 6660 than gates for 6590 and 6550 will open up.
Indian Equity market scaled to new highs on Wednesday courtesy firm trend in global market. The Nifty index settled at 6753 with gain of 31 points. In our last write up we mentioned Nifty has strong resistance around levels of 6769 in today’s trading session we saw Nifty facing some supply in zone of 6764-6765 and ended off day’s high. Now going forward Nifty will face resistance around levels of 6770 and next resistance around 6800.
On downside Nifty has strong support around 6720 and next important support is around 6660. In case of some bad news flow or profit taking if index manages to trade below 6660 than gates for 6590 and 6550 will open up. In current market scenario where index is not giving a one way up move its being choppy and range bound, the best way to trade is stock specific.
Ashok Leyland (BSE Code: 500477) has bagged an order worth USD 50 million (nearly Rs 300 crore) from the Zimbabwe government for the supply of 670 vehicles. The company has bagged a contract from the Ministry of Tourism and Hospitality Industry, Government of Zimbabwe. The stock may remain in focus in today’s session.
RBI has given in-principle approval to IDFC (BSE Code: 532659) and Bandhan Financial Services to set up new banks in a country where about half of the households do not have access to formal banking services. The Reserve Bank of India said the approval would be valid for 18 months during which the two financial firms will have to comply with the requirements laid down by the central bank. IDFC may witness some buying interest in today’s trade.
Bharat Petroleum Corporation (BSE Code: 500547) has signed an agreement to market its lubricants at CNG stations of Indraprastha Gas (BSE Code: 532514) at IGL Gas Stations across Delhi and adjoining towns. Presently, IGL has a network of 115 CNG Stations across Delhi/NCR and lakhs of customers visit these outlets every day. Both the stock may remain in limelight in today’s trade.
Telecom major Vodafone and Bharti Airtel (BSE Code: 532454) have applied for new telecom permits - Unified Licence - to continue their businesses in some service areas, including Delhi and Mumbai. Bharti Airtel has also applied for new licences in Delhi and Kolkata circles. The new telecom permit will lead to Vodafone selling its 4.4% indirect stake in Bharti Airtel. The stock may remain in action in today’s trade.
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