Index Trends And Stocks In Action For June 19, 2014

Indian equity markets after moving in a tight band till mid noon session plunged sharply on the back of reports that some attacks on oil refinery. Though stocks staged a recovery, but it was shot lived as a fresh bout of selling in the closing minutes pushed the market down sharply into red. The Nifty index is not seeing a break beyond the levels of 7700 or break below 7470 on the down side. Volatility has increased sharply so it is a time to wait and watch to which end market is breaking out is it higher end or on lower side. Once there is clear confirmation on break of this range of 200-250 point, we could see a big directional move in short term on index. Now going forward important support for Nifty is around 7510 and 7470. On upside 7580 will act as resistance and 7630 next support zone.

Reliance Communications (BSE Code: 532712), will announce an investment plan today for its global networking arm Global Cloud Xchange, formerly Reliance Globalcom. Global Cloud Xchange delivers RComm’s global business, including capacity sales, managed services and a portfolio of products and services comprising internet solutions to over 160 countries. The stock may trade with a positive bias in today’s trade.

NTPC's (BSE Code: 532555) solar power project in Madhya Pradesh, the biggest in the country using domestically manufactured modules, has been commissioned. The 50 MW plant in Rajgarh, which was set up by Tata Power Solar for state-owned NTPC, will be used to supply electricity to about 90,000 households a year. The stock may remain in focus in today’s trade.

Home appliances firm Whirlpool of India (BSE Code: 500238) is targeting up to 12% growth in turnover at Rs 3,700 crore in the current fiscal on the back of new product launches including hi-end kitchen appliances and prudent cost management. The management in the media has said that the current fiscal is expected to be better than last year. The stock may remain in limelight in today’s trade.

Punj Lloyd (BSE Code: 532693) in the current fiscal has already booked orders worth USD 800 million and the company hopes to book new orders of more than USD 2 billion by August, for this financial year. Moreover, the company’s debt reduction plans are also on track. The group has plans to monetise some of their non-core assets, which could be completed by second quarter. The stock may witness some buying activity in today’s trade.