Index Trends And Stocks In Action October 07, 2014

The Indian market ended flat with negative bias on Wednesday, traders and investors chose to stay light and play safe on account of a long weekend. Auto, Banking and Capital goods stocks ended lower. On other hand IT stocks continue to outperform the main index. Nifty continued to consolidate in narrow range with thin volumes. The broad range which is 7840 on downside and on higher side 8160-8180 is getting narrow and now nifty is trading at near to its crucial support level. The nifty index is approaching towards lower end of the range, however the bulls has strong support in range of 7880-7920. If this support level is breached next major support is around level of 7820-7830. If the nifty closes below 7820-7830 medium term trend of nifty will be in favor of bear’s.  For day trading index has major support around levels of 7920 and next major support is placed around levels of 7880. On upside 7980 will act as a stiff resistance for bulls and next resistance is place around levels of 8035.

After establishing a strong foothold in Kerala and Karnataka, Wonderla Holidays (BSE Code: 538268) plans to set up its first amusement park in Hyderabad and is awaiting approvals from the government in this regard. It is expected to start commercial operation during the financial year 2016-17. On expansion plans, the company is also eyeing for a suitable land near Chennai for its fourth amusement park in the region. The stock may remain in focus in today’s trade.

Trident (BSE Code: 521064) will invest another Rs 2,400 crore in its existing MP facility in Budni. It would add about Rs 1,800 crore to the company's annual turnover. With this expansion, the installed capacity of Trident will increase to 688 looms capable of producing 90,000 tonnes per annum (TPA) of terry towels thereby making Trident the largest manufacturer of terry towels in the world. The stock may remain in focus in today’s trade.

Godrej Properties (BSE Code: 533150) has entered into an agreement with a land owner to develop an affordable housing project in Badlapur near Mumbai. The project will have 1.3 million sq ft of saleable area. Godrej Properties is currently developing residential, commercial and township projects spread across 103 million square feet in 12 cities. The stock may remain in focus in today’s trade.

Shipping Corporation of India (BSE Code: 523598) has started a fortnightly service to Myanmar. The service will cater to Mizoram and other North-eastern states using the Sittwe port in Myanmar located on the mouth of the Kaladan river. The stock may remain in focus in today’s trade.