Index Trends And Stocks In Action For May 28, 2014

Indian Equity market ended negative on Tuesday, with traders preferring to book out profit across various sectors. Now with the euphoria over the BJP-led NDA winning the election subsiding gradually, traders and investors are looking out for fresh cues from the new government over policy announcements.

If we analyze the daily chart of Nifty we can see tweezer bottom formation around levels of 7265-7275, now this will act as a strong support for Nifty.  On higher side 7385 will act as a stiff resistance and next resistance is around 7430. Going forward we feel that market will be volatile as expiry is nearing and it’s expected to oscillate between 7220 to 7430 this range of 200 points for the next two-three session.

Larsen & Toubro (BSE Code: 500510) has inked a pact with Japan Steel Works for transfer of critical technology for steel melting and heavy forgings. Direct access to L&T's jetties at Hazira facilitates exports across the globe and indigenous manufacture of critical heavy forgings will close a vital gap in Indian industry's capability to produce equipment for core sectors. The stock may remain in focus in today’s trade.

Piramal Enterprises (BSE Code: 500302) has integrated its real estate sector-focussed equity and debt entities to form one of the largest realty funding platforms in the country. The new entity, christened Piramal Fund Management, is formed by integrating the private equity business Indiareit and the lending arm Piramal Finance. The stock may remain in limelight in today’s trade.

SEBI have revoked the curbs it had imposed on Elantas Beck India (BSE Code: 500123) promoters and directors for not meeting with the required 25% minimum public shareholding norms within the stipulated deadline. The restrictions on Elantas Beck have been lifted by the capital market watchdog as the firm has now become compliant with the requirements. However, Securities and Exchange Board of India (Sebi) has referred the matter for adjudication proceedings as the company had not complied with the norms within the due date. The stock may trade with a positive bias in today’s trade.

Jet Airways (India) (BSE Code: 532617) India's No.2 carrier by domestic market share, reported its biggest-ever quarterly loss as higher fuel costs and taxes weigh on Indian airlines and high competition limits fare increases. Jet, which last year sold a 24% stake to Abu Dhabi's Etihad in the first deal in the sector after the government eased restrictions, reported a standalone net loss of Rs 2154 crore (USD 366.5 million) for its fiscal fourth quarter to end-March. The stock may witness selling pressure in today’s trade.