Index Trends And Stocks In Action September 29, 2014

The Indian market ended in green territory after three consecutive days of losses. It was action pack day for Indian Markets were the nifty index swung over 100 points between day’s high and lows. Sentiment got boost in second half after the S&P announced that it revised the country’s credit outlook up to stable from negative. While the agency maintained India’s rating at BBB-. The 50day EMA did the trick again. The 50-day EMA support worked for the third time in past three months. Nifty on daily chart has formed a bullish piercing candlestick near its 50-day EMA support. Bullish Piercing is bullish reversal candlestick pattern. The most critical resistance for the bulls on upside is around level of 8038 and next is around 8075. On downside 7920 is likely to act as a strong support for the bulls.

Bank of Baroda (BSE Code: 532134) has approval for the Sub-division of it’s one existing equity share of the face value of Rs. 10/- each fully paid up into five equity shares of face value of Rs. 2/- each fully paid up, which is subject to prior approval of Reserve Bank of India (RBI). The stock may remain in focus in today’s trade.

Neyveli Lignite Corporation (BSE Code: 513683) is examining a number of power projects on offer to scale up its generating capacity rapidly. According to company, the projects range from about 50 MW to over 150 MW each. Three are from Tamil Nadu and the others are from Maharashtra, Telangana, Uttar Pradesh, Odisha and Chhattisgarh. The stock may remain in focus in today’s trade.

GMR Infrastructure (BSE Code: 532754) will set up an expo-cum-convention centre near the Rajiv Gandhi International Airport here. It will invest Rs 750 crore to build the facility on a 50-acre plot in the Airport City that the company will develop near the airport. The stock may remain in focus in today’s trade.