Index Trends & Stocks In Action for 11th March 2013.
Shailendra Lotlikar / 11 Mar 2013
It has been a rather fantastic week for the markets and the momentum is expected to continue in the week ahead too. However, remember that there are multiple triggers that come the markets way this week. Data on the IIP, inflation numbers and then the RBIs monetary policy will provide enough reasons for it to remain volatile. For now here’s the good news on the Nifty and some stocks which are likely to remain in focus for today.
Indian markets had a dream run last week. They recorded their biggest weekly gain this year backed by strong global cues and aggressive buying in banking heavyweights and the Capital goods sector. On Friday, the Nifty closed at 5946 up by 1.41%. Now that it has see a pull back of nearly 350 odd points from the lows without any pause, going ahead on the upside the Nifty may rally towards the higher end of the Bollinger Band. This indicates a target of near about 6000 levels on the Nifty. After this we expect the markets to consolidate, given the fact we have rallied one way. Support for the Nifty is likely to come in at levels of 5920-5880.
The Empowered Group of Ministers (EGoM) is to decide today on the Nalco stake sale today. The government will be divesting its 12.5% stake in the company which at current rates is likely to fetch it around Rs1400 crore. The choice will be either between the offer for sale (OFS) route or the auction route and the floor price is to be fixed today. The sale of shares is likely to happen on March 13th. The Stock of Nalco is likely to remain in focus for today following these developments.
Kalpataru Power Transmission is setting up a tower manufacturing plant in the US and Latin America. Currently, the company supplies towers to EPC players in 18 countries and so far it has exported over 900000 MT of towers. The stock of Kalpataru Power Transmission will witness volatility today following this announcement.
Lux Industries is to invest Rs 100 crore on plant, machineries, marketing activities and also launch new products. At present Lux industries produces more than 100 products and has over 5 lakh retail outlets all over India. The stock is likely to see an upside following this announcement by the company.
In what can be surprising to many, the World Bank has imposed a ban on engineering major Larsen & Toubro from doing any business with it or the projects funded by it for a period of six months. The ban follows the involvement of an L&T executive in a fraud. The company management has downplayed the incident by expressing its willingness and eagerness to work with the World Bank once the ban is over but the stock of the company will surely bear the brunt of the incident in today’s trading.
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