Index Trends and Stocks In Action for 11th January 2013

The markets on Thursday opened on a positive note, but thereafter saw some profit booking and the Nifty wasn’t able to sustain the 6000 level. At the end of the day it managed to recover all the losses and closed down by .05% at 5069. The Nifty has formed a three outside down candlestick pattern yesterday which is negative for it. It is a crucial day for markets and the Nifty has a strong support at 5920 and 5888. Resistance for it stands at 6010-6050 levels.According to media report, GAIL intends to hike its Dabhol LNG terminal’s capacity to 7 million tonnes in two years from 5 million tonnes now. GAIL will get the first cargo to start its Dabhol LNG terminal on January 24 from Russian company, Gazprom with whom it has signed a 20 year agreement to source LNG. The GAIL stock is expected to remain in focus today following these announcements.

News reports suggest that, Gujarat State Fertilisers and Chemicals (GSFC) will be investing up to Rs 333 crore to acquire nearly a 20% stake in Canada-based Karnalyte Resources. The acquisition price also includes cost of financing the construction of Karnalyte's potash mining project. This development will see the GSFC stock remain in the limelight for today.

According to media reports, Godrej Properties has merged its fully-owned subsidiary Godrej Waterside into itself. No shares are proposed to be issued pursuant to the scheme since Godrej Waterside Properties is a wholly-owned subsidiary of Godrej Properties. Shares of Godrej Properties closed up by 0.10% yesterday. The momentum is likely to continue for today as well and the stock will move further up following this development.

Among other stocks to watch out for today of course is Infosys, along with Bajaj Corp and CMC whose results are scheduled to be declared today.