Index Trends And Stocks In Action For June 24, 2014

Indian Equity market ended off the day’s low on Monday on the back of a strong buying in the Oil & Gas and Metals stocks. Even the Mid-cap closed up by 0.63%, while Small cap closed up 0.56%. Selling pressure in the Telecom, IT, FMCG and the consumer durables stocks dragged the Nifty to hit intra-day low of 7441. Now going forward Nifty has important support around levels of 7470 and next important support is around level of 7420. On upside 7538 will act as resistance and next resistance is around level of 7560.

Central transmission utility Power Grid Corporation (BSE Code: 532898) approved investments of Rs 5,500 crore for upgrading networks in about 4 years. The commissioning schedule of the transmission project is 45 months from the date of investment approval. The board also approved investment for upgradation of the transmission system associated with Lara thermal power project of NTPC (BSE Code: 532555) at an estimated cost of Rs 400.47 crore, with commissioning schedule of 34 months from the date of investment approval. Both the stocks may remain in focus in today’s trade.

Electrical goods manufacturer Havells India (BSE Code: 517354) is planning sub-division of its equity shares for which it will seek board approval next week. A meeting of the Board of Directors of the Company will be held on June 30, 2014, to consider and approve the sub-division of the nominal value of Equity shares of the Company. The stock may remain in limelight in today’s trade.

Tata Teleservices (BSE Code: 532371) will upgrade its wireless Internet network to support data transfer of up to 9.8 mbps across five cities in the next couple of months. The network would be strengthened across Ahmedabad, Pune, Bangalore, Hyderabad and Chennai. TTSL offers data services under its Photon brand across the country, except in North East and Jammu & Kashmir circles. The stock may remain in action in today’s trade.