Index Trends And Stocks In Action For June 17, 2014

Indian Equity market started off the week closing in the red although with minimal losses. Sentiments was hit after a higher than expected inflation numbers and sharp decline in the Indian currency, however in last hour or so some buying emerged and helped markets to end day with minimal loss. In our last write up we mentioned if Nifty manages to hold level of 7480, than we can expect a bounce back and what we saw was in line with our expectation. Nifty on daily chart has formed a classic doji candlestick pattern. On daily chart Nifty has filled minor gap which was created on 5-6th June, 2014. So going forward Nifty may consolidate and move in narrow range.  Going forward Nifty has strong support around 7480 and next major support is around 7420. On upside range of 7570-7580 will act as barrier.

Wipro (BSE Code: 507685) has won a transformational IT applications and infrastructure contract from 7-Eleven, a leading convenience store chain in Australia. This would lead to an organisation-wide retail process re-engineering at 7-Eleven to help launch new merchandise categories, improve the efficiency of existing ones, initiate real-time targeted promotions and easily introduce new processes during mergers and acquisitions. The stock may remain in focus in today's trade.

The realty arm of the Mahindra Group, Mahindra Lifespace Developers (BSE Code: 532313), has launched a new business vertical focused on affordable housing. Called 'Happinest' the vertical would launch its first two projects in Avadi in Chennai and Boisar in Mumbai. According to the company, these projects would be aimed at families with a current combined monthly income of Rs 20,000 to Rs 40,000 per month. The management in the media sais that the project would be priced at under Rs 20 lakh and its first phase would be delivered to the customer within a timeline of nine months. The company would be constructing a total of 2,500 homes under these two pilot projects in Chennai and Boisar.These units would be sized between 420 to 600 square feet. The stock may remain in limelight in today's trade.

Drug firm Lupin (BSE Code: 500257) has launched its generic Ciprofloxacin, used for treating bacterial infections, in the American market and is expecting 180 days of market exclusivity. The company's US subsidiary, Lupin Pharmaceuticals Inc (LPI) has launched its Ciprofloxacin for oral suspension in the US market in the strengths of 5 g/100 mL (250mg/5 mL) and 10 g/100 mL (500 mg/5 mL). The stock may trade with a positive bias in today's trade.

Drug firm Arvind Remedies (BSE Code: 531823) has inked a pact with Adesh University to make formulation products targeting certain diseases such as diabetes and depression based on the Punjab based institution's patents. The drugs will be manufactured in form of tablets and will be launched in the domestic market by 2017 followed by the global market. The stock may witness positive trades in today’s session.