Index Trends & Stocks In Action For 6th June 2013
DSIJ Intelligence / 06 Jun 2013
After three bearish candlesticks, the markets yesterday saw a bullish candlestick. What will this mean for the markets today?
The Indian markets on Wednesday settled with marginal gains led by Oil & Gas major Reliance Industries, ahead of the company’s AGM scheduled today. The Nifty ended the day higher by 4 points at 5923. In our last write up, we mentioned about 5870 being a crucial support. The Nifty yesterday took support at around 5880 and bounced back to end in green.
After three bearish candlesticks, the markets yesterday saw a bullish candlestick. This indicates that the bears are tiring out and are covering their short positions. The markets have also dipped into the oversold zone. Going ahead, the Nifty may see stiff resistance at levels of around 5940 and 5980. On the other hand, support will be at levels of around 5870-5850.
Shares of RIL would remain in focus as it will hold its 39th Annual General Meeting. RIL shares gained 3% yesterday despite the market shifting between red and green. The market is expecting some announcement in the field of telecom and connectivity. RIL has a data license on an all-India basis and the entry would help the company to diversify its business.
Mahindra & Mahindra launched Verito Vibe, its sub 4-metre compact car yesterday. Ex-showroom Mumbai prices for the its D2 range are Rs 5.63 lakh, while for the D4 it is Rs 5.89 lakh and for the D6 it is Rs 6.49 lakh. With this entry, M&M has entered in the high volume compact car market. The launch is likely to be seen positively by the markets.
TCS said it has concluded negotiations with its employee representatives in Finland where the company intends to sack up to 290 employees. The company said a new organisation structure is being staffed and implemented and the exact number of employees to be impacted will be known in 8-10 weeks. Stock prices of TCS are likely to see some movement today.
Titan Industries is planning capital expenditure of Rs 450 crore in FY14 on retail expansion and setting up of new manufacturing units. This sum is larger by three times as compared to the capex in FY13. In accordance to this plan, it intends to set up 200 retail outlets and greenfield projects for watches in Coimbatore and precision engineering in Hosur. A positive impact is expected on the stock prices of Titan Industries today.
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