Index Trends And Stocks In Action For May 15, 2014

Indian Equity market retraced on Wednesday from record highs hit in the prior session as investors and traders preferred taking profit ahead of the release of election results. The Nifty ended unchanged at 7108. Nifty on daily chart has formed a potential doji, which hints that market is exhausted at current level. Going ahead chart pattern and momentum oscillator suggest some consolidation. For day trading import support zone for Nifty is 7060-7070, if Nifty breaks this support zone than it’s likely to test levels of 7020-7000. On upside 7165 will act as stiff resistance for Nifty, if index manages to trade above this zone its likely to test 7220.

Country's third largest tractor manufacturer Escorts (BSE Code: 500495) entered the fast growing South Africa's market by launching its Farmtrac Heritage range at the NAMPO agriculture show. The company introduced the new range in the 50 to 75 horse power (HP) market for South Africa, after successfully marketing it in Europe. The Heritage range was launched in 'Agritechnica' farm show at Hanover last year. The stock may remain in action in today’s trade.

Country's third largest software services firm Wipro (BSE Code: 507685) has bagged a seven-year deal from UK-based Xoserve. No financial details of the deal were disclosed. Xoserve supports Britain's gas market through the provision of centralised information and data services for gas transporters and shippers. It is jointly owned by five major gas distribution network companies and National Grid's Gas Transmission business. The stock may remain in limelight in today’s session. 

Vishwa Kalyan Kamgar Sanghatana (VKKS), the independent trade union of Pune based two wheeler manufacturer Bajaj Auto (BSE Code: 532977) has again proposed strike for indefinite time period. On April 14, the union had issued notice to Bajaj Auto management to go on strike form April 28 as the management is not utilising its corporate social responsibility funds for the benefit of workers. The stock may witness volatility in today’s trade.

Asian Paints (BSE Code: 500820) posted a 14.45% rise in consolidated net profit to Rs 287.42 crore for the quarter ended March 31, 2014, and also announced acquisition of front-end business of Ess Ess Bathroom Products. The company had posted a consolidated net profit of Rs 251.11 crore in the year-ago period. In a separate filing, the company said that it will acquire Ess Ess Bathroom Products entire front-end sales business for an undisclosed sum. The stock may remain in action in today’s trade.