Index Trends And Stocks In Action For May 05, 2014

Indian Equity market fell for the fifth day in a row as on May 01, 2014 amid choppy session. The Nifty and sensex both hit their lowest closing level in over two weeks. On daily chart Nifty has formed an inside ranging day this suggest a thrusting move in next couple of trading session. However as long as we don’t see the index getting past 6770 on higher side and 6640 on lower side we could witness range bound trading. Once we get past this range we could see a direction move coming up. For day trading important support for Nifty is around 6680 and next support is around 6645-6640. On upside first resistance for Nifty is around 6738 and next resistance is around 6770.

Leisure and infrastructure firm Country Club India (BSE Code: 526550) which has 55 properties across 10 nations, is planning to strengthen presence overseas and is targeting 1 million membership in a decade. The Country Club India has over 3 lakh members. About 75% of the company's business is through membership and 25% through non-members. The company, is done with expansion in the country, and it will add properties only if there are right opportunities. However, it is planning to expand to 25 cities overseas in Saudi Arabia, the US and South East Asia. The stock may remain in action in today’s trade.

Suzlon Energy (BSE Code: 532667) Group said its board of directors approved a proposal for cashless restructuring of its existing foreign currency convertible bonds (FCCBs). The company and an ad-hoc committee of bondholders ended negotiations and agreed on the proposed restructuring terms. The ad-hoc committee comprises select bondholders with significant holdings across each of the existing bonds. The stock may witness buying interest in today’s trade.

Dublin-based Amarin Pharma has filed a patent infringement case against Dr Reddy's Laboratories (BSE Code: 500124) alleging that the latter is attempting to come out with generic versions of its patented drug Vascepa. Vascepa (icosapent ethyl) is indicated as an adjunct to diet to reduce triglyceride (TG) levels in adult patients with severe (=500 mg/dL) hypertriglyceridemia.  Amarin alleged that the Indian drug maker's Abbreviated New Drug Application (ANDA), seeking to market the generic version, would infringe the patent of Vascepa on 16 counts. The stock may remain volatile in today’s trade.

GVK Power & Infrastructure (BSE Code: 532708) will start power generation at its 540 MW Goindwal Sahib plant in Punjab as soon as the station starts getting coal, and has no plans to sell the facility to NTPC (BSE Code: 532555). But its captive mines in Jharkhand are yet to start production and the coal ministry has so far refused to allocate the dry fuel from other sources, which means it can't immediately operate the station though it is ready to start power generation. The stock may remain volatile in today’s trade.