Index Trends And Stocks In Action September 04, 2014

The Indian market extends its bull run with the BSE Sensex closing at a record high for the seventh day in a row while the NSE Nifty ended at an all time high for the fifth trading session in a row. Today’s gains were led by Information Technology, Realty and the telecom stocks. Among the other major gainers were metals and capital goods stocks. Even the mid-cap and the small cap stocks were in limelight. Nifty on daily chart has formed doji candlestick pattern, this candlestick pattern indicates that market sentiment is indecisive, with a relatively even balance of bulls and bears unable to push prices decisively in one direction. This candlestick pattern indicates that market will consolidate as there is indecisions between buyers and sellers.  Nifty index will face resistance on upside around levels of 8150 and 8180. On downside 8090 will act an important support for bulls and next support is around levels of 8020.

The Punjab and Haryana high court on Wednesday cancelled Haryana government's auction of 350.7 acres of prime land in Gurgaon which real estate major DLF (BSE Code: 532868) had bagged for Rs 1,703 crore. The stock may trade with a negative bias in today’s trade.

Oriental Bank of Commerce (BSE Code: 500315) cut home loan rate by 0.5% to 10.25%. The bank has reduced the interest rates on home loans of above Rs 75 lakh by 0.5% from 10.75% to 10.25%. Now, all home loans irrespective of loan amount are available at uniform rate of 10.25% at bank's base rate. The stock may remain in focus in today’s trade.

Ashiana Housing (BSE Code: 523716) has launch of residential project "Ashiana Umang" in Jaipur (Rajasthan). This project is located on 200 ft. main road from Ajmer Road to SEZ (Mahindra World City) in Village Jhai, Tehsil Sanganer, District Jaipur, (Rajasthan). The entire project is having a total saleable area of approximately 12.42 lakhs sq. ft.The stock may remain in focus in today’s trade.