Index Trends And Stocks In Action For May 29, 2014

Indian Equity market oscillated in narrow range of 30-35 points and ended flat on Wednesday. Healthy buying took place in information technology, Banking and Capital goods stocks. On other side selling was observed in Metal, Oil&gas and Automobiles. On daily chart market has formed a potential doji candlestick after three days of consolidation and correction. Now the end of the day candlestick suggest the nifty might bounce back up to levels of 7370 unless there is any major sell off’s in global market. If nifty manages to sustain above 7370 level we could see nifty touching levels of 7410-7430. 

On downside important support for nifty remains in band of 7270-7260 and major support level is around 7220. Today being an expiry day for May series we continue to expect a broad range bound trading activity and the is range is between 7220-7385. Overall market will witness this range bound and lackluster moves till some major developments are announced or till the time budget starts to get factored in.

With the launch of its new 110cc commuter motorcycle 'Star City Plus', TVS Motor Company (BSE Code: 532343) is expected to add an additional 5% market share to its existing 9% in the two-wheeler segment in Tamil Nadu. The company expects to sell 2,500 to 3,000 units of the vehicle every month in Tamil Nadu and 15,000 vehicles across the country. The stock may remain in action in today’s trade.

Hindustan Petroleum Corporation (BSE Code: 500104) will invest Rs 17,000 crore in raising its Mumbai and Vizag refinery capacity by 2018. HPCL plans to expand its Mumbai refinery from 6.5 million tonnes to 10 million tonnes in two-and-half years from the date it gets environment clearance and Vizag from 8.33 million tonnes to 15 million tonnes. The stock may remain in focus in today’s trade.

Infrastructure major Larsen and Toubro (BSE Code: 500510) said its construction arm has won orders worth Rs 2,458 crore. Orders worth Rs 1,634 crore were bagged by L&T Construction's power transmission & distribution business. The stock may trade with a positive bias in today’s trade.