Index Trends and Stocks In Action For 10th January 2013.

Shailendra Lotlikar / 10 Jan 2013

The results season is on us and the markets are taking cues from developments on this front. The Nifty was under pressure at close yesterday but looks set for a decent move today. Here is what the charts tell you along with the stocks that are likely to remain in focus following developments that have happened since yesterday.

Market on Wednesday ended in the negative zone ahead of the results season. The Nifty was down 30 points at 5971 at close. Technically it formed a Bearish Engulfing Candlestick pattern, which is negative in nature. The Nifty is facing a very strong resistance around levels of 6020. Going forward it could take support at 5950 and 5935 and if it slips and closes below 5935 we could see still lower levels. Resistance for Nifty stands at 6000-6020. It needs to sustain above 6020 to see a fresh up move.

Spice Jet has raised Rs 54.27 crore through issue of warrants to its promoter Kalanithi Maran. The company has allotted 1,50,00,000 warrants having option to apply and get allotted an equivalent number of equity shares of face value of Rs 10 at a premium of Rs 26.18 to the promoter on a preferential basis. Spice Jet had earlier raised Rs 130 crore through issue of securities in two tranches. We expect the stock to remain volatile with a positive bias for today following this development.

Mahindra & Mahindra plans to invest Rs 250 Crore in Mahindra Navistar till 2015. Mahindra Navistar sold 3500 trucks in FY 12 and is targeting a sale of 40000 to 50000 trucks in the next three to four years. Mahindra Navistar has a wide product portfolio of trucks in India which is pitted against Tata Motors and Ashok Leyland. The stock of M&M is likely to remain in the green for today following these developments and the positivity that the managements confidence lends to it.

GlaxoSmithKline (GSK) has received approval from the SEBI for its Rs 5200 crore open offer for the Indian subsidiary GlaxoSmithKline Consumer Healthcare. The offer is scheduled to open on the 17th of January and close on the 30th of January. Following this, GSK Consumer Healthcare is likely to trade positive for today and some time going forward.

McNally Bharat Engineering has received orders for supply and services for Mechanical Balance of Plant Equipment and systems for a gas-based thermal power plant worth Rs 35.38 crore. Investors are expected to give this news a thumps up.

Cera Sanitaryware and Sintex Industries are two frontline companies which will declare their Q3FY13 results today. Stocks of these companies should be watched keenly.

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