Index Trends And Stocks In Action For June 26, 2014

Indian Equity markets ended lower on Wednesday as investors and traders preferred to book profit after a strong. The NSE index closed at 7569 with a loss of 10 points. Nifty gave a clear cut buy signal yesterday, but it failed to cross its hurdle of 7610 which is a strong resistance as per trend line. Now going forward fresh move is only expected if Nifty manages to sustain above 7610. If Nifty sustains above 7610 expect it to touch next supply zone of 7670. On downside 7535 will act as support and 7470 will act as a major support.

India's largest software services firm TCS (BSE Code: 532540) has signed a deal with Telenor Norway to modernise and simplify the telecom major's fixed network operations. The goal is to improve customer experience through reduced complexity and faster deliveries, Telenor said in a statement. No financial details of the deal were disclosed. The stock may remain in action in today’s trade.

Textile major Vardhman Textiles (BSE Code: 502986) got approval to set up two major units in Himachal Pradesh. Auro Textiles and Mahavir Spining Mills, both subsidiaries of Vardhman Textiles, were given permission by the single window clearance and monitoring authority at its meeting. The stock may trade with a positive bias in today’s trade.

The central government’s task of selling 14.65% stake in Coal India (BSE Code: 533278) (CIL) to meet the SEBI's recent directive of a minimum 25% public shareholding in public sector undertakings (over a three-year period) is unlikely to be easy. The previous move to divest 10% stake was met by stiff opposition from the worker unions. After prolonged negotiations, the government was able to go through with only 5% divestment, leading to a long period of uncertainty and pressure on the stock price. The stock is likely to witness some pressure in today’s trade.