Index Trends And Stocks In Action For July 11, 2014

Indian Equity market witness a highly volatile session that saw the Sensex swinging more than 800 points in intraday and ended the day with loss of 72 points. Finance Minister Arun Jaitely announced steps to strengthen investor confidence improve fiscal situation and boost growth in the Union Budget 2014-15. After a strong fight between Bulls and bears, the bulls failed to defend its important support level of 7580 on closing basis. Now the structure of nifty on daily chart suggests the best way to trade is to sell on rallies and cover short positions around levels of 7470 which is very crucial support for the index on downside. On upside resistance for index is around 7610 and 7655. 

Tata Motors (BSE Code: 500570) owned luxury car maker Jaguar Land Rover (JLR) has registered its strongest ever half-year sales in 2014 selling over 240,000 vehicles. The UK-based auto major sold 240,372 cars between January and June, 2014, up 14 per cent compared to the same period last year - which amounts to more vehicles in the past six months than in the whole of 2010. The stock may trade with a positive bias in today’s trade.

The country's largest power producer NTPC (BSE Code: 532555), which boasts of over 41,000 mw of power generation capacity, stated that finance minister Arun Jaitley's budget will encourage investors in the sector with its clarifications on the treatment of FDI. State-owned NTPC also welcomed declaration that adequate coal would be made available to all plants that have been commissioned or are likely to get commissioned by 2015. The stock may remain in action in today’s session.

Metal and mining PSUs SAIL (BSE Code: 500113), NMDC (BSE Code: 526371) and RINL plan to invest Rs 15,069 crore this fiscal towards modernisation and expansion, Rs 700 crore less than the actual outlay for the last financial year. According to the "broad plan" prepared by the respective firms, SAIL will spend Rs 9,000 crore in current fiscal, followed by iron ore miner NMDC Rs 4,345 crore and Rashtriya Ispat Nigam (RINL) Rs 1,724.17 crore. The stocks may remain in limelight in today’s trade.