Index Trends And Stocks In Action For July 07, 2014

Indian Equity market after taking a pause in the previous trading session, resumed its pre budget rally as the benchmark indices ended at life time high closing. Good progress in the ongoing monsoon season, strength in the Indian rupee and declining crude prices lifted the markets to close at fresh highs. On weekly chart index has formed a bullish marubozu candlestick pattern, it’s a trending candlestick pattern with no wicks on either end. They exhibit a strong trend with in the given time period.  Going forward Nifty will face some resistance around levels of 7790 and 7820. On downside major support for Nifty would be in range of 7660-7680 and next support around levels of 7635.

Reliance Industries (BSE Code: 500325) and its partners BP plc of UK and Canada's Niko Resources have slapped an arbitration notice on the government seeking implementation of a delayed gas-price rise. The trio had on May 9 issued a "pre-arbitration notice" saying failure to implement the increase from due date of April 1 is preventing them from sanctioning investments of almost USD 4 billion this year. The stock may witness volatile trades in today’s session.

With an eye on 'India-linked' business expansion on foreign shores, the country's top private sector lender ICICI Bank (BSE Code: 532174) is all set to start full- fledged branches in China and South Africa in the current fiscal. The bank has representative offices in these two nations and it has now got regulatory approvals to convert them into branches. The stock may remain in focus in today’s trade.

Private sector power producer JSW Energy (BSE Code: 533148) plans to raise Rs 5,000 crore through qualified institutional placement in 2014-15. The Sajjan Jindal-promoted company has sought an approval of its share-holders for mopping up Rs 5,000 crore through an issue of secured/unsecured redeemable non-convertible debentures on a private placement basis, as well as the utilisation of the funds. The stock may remain in limelight in today’s trade. 

Pharma major Lupin (BSE Code: 500257) is in the process of setting up two new R&D centres in the US, focusing on research in inhalation and on complex formulations. The company had also increased research and development spending to Rs 958.28 crore in FY'14 as compared to Rs 770.85 crore in the FY'13. The stock may trade with a positive bias in today’s trade.