Index Trends And Stocks In Action For 10th June 2013
DSIJ Intelligence / 10 Jun 2013
As we mentioned in our last note we expected a volatile trading session on Friday which we witnessed. Now if we analyze daily chart of Nifty, we see a double bottom around level of 5870. This suggests that market is seeing buying whenever we trade around this level.
Indian markets fell for a consecutive session on Friday to mark its lowest close in almost a month tracking weak global cues and rupee weakened below 57 to the dollar depreciating more than 5.5% since start of May. Nifty ended down by 0.68% at 5881. As we mentioned in our last note we expected a volatile trading session on Friday which we witnessed. Now if we analyze daily chart of Nifty, we see a double bottom around level of 5870. This suggests that market is seeing buying whenever we trade around this level. So on Monday we expect a minor bounce back from this support level. If Nifty sustains below 5860-5870 then it could slip to 5790 odd levels in near term. The resistance for Nifty for intraday would be at 5920-5950, whereas 5860 will act as a support.
Fortis Healthcare has successfully raised USD 55 million through FCCB issue on preferential basis. These bonds were subscribed by International Finance Corporation (IFC). With this, IFC has now made a total investment of US$ 100 million in Fortis Healthcare. Fortis recently is also in news to sell more international assets. The stock is expected to trade volatile today.
State bank of Mysore has said that it will raise Rs 66 crore through the institutional placement of total 12.13 lakh shares. The price for this issue is set at Rs 545 per share which is less than the current market price of Rs 547. The news is likely to have a negative impact on its share price.
The banking license aspirant companies such as Shriram Transport, JM Financial etc have been on the investor’s radar for quite some time now. The RBI however has gone tough and has said that it will not compromise on the holding structure and capital requirement for the new banks. This may lead to some correction in the shares of Shriram Transport, JM Financials, Mahindra Finance etc.
GMR Infrastructure has written off Rs 453 crore on account of two of its global assets in coal mines and airports. The company in the March quarter had reported a 70% rise in the net profit on the back of the asset sales in its Singapore power plant may come with a bad numbers in the June quarter. The new may well see the stock remaining highly volatile today.
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