Index Trends & Stocks In Action For 08th May 2013
DSIJ Intelligence / 08 May 2013
In our last write up we mentioned that for the Nifty, 6000 is a crucial level. Once it is breached, we can see a fresh breakout. What we saw in yesterday’s trading session was exactly the same. As soon as the Nifty crossed the mark of 6000, it moved up quickly to levels of around 6050.
The Indian markets on Tuesday surged in the last hour of trade. The markets ended the day near their three-month highs amid strong global cues. Gains were led by FMCG stocks and short covering in banking shares. The NSE’s 50-share Index closed at 6043, up by 72 points. In our last write up we mentioned that for the Nifty, 6000 is a crucial level. Once it is breached, we can see a fresh breakout. What we saw in yesterday’s trading session was exactly the same. As soon as the Nifty crossed the mark of 6000, it moved up quickly to levels of around 6050.
Now we had seen a strong unilateral pull back in the last month. Some range bound movement and correction are also healthy signs in the market. Going ahead, levels of 6000-5980 will be the immediate support for the Nifty. On other hand, we may see resistance at levels of around 6065-6090.
Electrical goods major, Havells India is foraying into the Rs 1500 crore non-modular switch market. The company has set up a manufacturing capacity at Baddi in Himachal Pradesh to manufacture these types of switches. Forecasting the robust demand, the company has said that it will double its capacity in the next three months. Havells India plans to tap revenues of Rs 200 crore from this segment in FY14 itself. One can expect positive trades in the shares of Havells India on the back of this news.
Shares of Fairfield may remain volatile today since the management approved the de-listing of the company’s shares at the price Rs 135.82 per share. This price is 32% below its market price by Tuesday closing. In the last three months, shares of Fairfield have surged nearly 100% and hence the offer is most likely to disappoint the investors.
Four years after entering into an agreement with South Africa's Kopano for scouting mineral assets, state-owned NMDC is now examining two proposals for acquiring coal mines in the African country. Share prices of NMDC are likely to see some upward movement today.
The government has asked for certain clarifications from Reliance Industries on the revised investment plan the company had submitted for the main gas producing fields in the eastern offshore KG-D6 block. Volatility is expected in the stock prices of RIL today.
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