Index Trends & Stocks In Action For 18th June 2013
Shailendra Lotlikar / 18 Jun 2013
The markets reversed course despite the RBI maintaining a status quo on the interest rate front yesterday. May be the interpretation is such that, the RBI has done what it should practically have. Where will the markets head today? Technically here is what you could expect the Nifty to do. Also, here are some stocks that will strongly remain in action for the day.
Indian markets overturned from early losses shrugging off RBI’s neutral stance on key policy rates to end near the day’s high. Gains were led by index heavyweights and the Nifty ended up by 42 points at 5850. In our last 
write up we had mentioned that, if the market sustains above 5820, we may see a pull back. As soon as the market broke the resistance level of 5820, it went on to touch 5855. Going ahead 5870 will act as a major hurdle for the bulls; if we can sustain above 5870 we could see a fresh breakout. On downside 5820 will act as a support level with the short term support for the Nifty coming in at 5765.
Deepak Khanna, Joint CEO of Tulip Telecom has resigned from the company. Tulip Telecom has been witnessing a slump in investor sentiment and the stock has fallen from Rs 35 to Rs 10 in a period of just six months. The company also witnessed a drop in its revenues in the March 2013 quarter. High debt of the company remains a big concern and in such tough times, the resignation of the CEO would be seen negatively by the markets. Holding this stock? It is probably time to rethink your strategy on it.
The Power ministry is seeking the CCI's nod for a proposal to divert gas from KG-D6 basin to the power plants. This would require changing the current regulations under which gas is supplied on priority to the fertilizer and LPG plants and only the leftover gas is supplied to the power sector. The move, if approved by CCI would lead to a rise in the gas supply to companies like GMR Infra, GVK power and Lanco Infra. A positive impact on the share prices of these companies may be seen today.
Ssangyong Motor said it has sold a total of 12730 vehicles in May 2013, showing growth of over 25%, on a yearly basis. The company sold 5270 vehicles in Korea and 7460 in exports, including CKD kits. The stock prices of Mahindra & Mahindra are expected to see some upward movement today following these numbers.
L&T has bid for a Rs 4000 crore contract from the Coast Guards and also plans to bid for an equal amount of contracts from the Navy. On the defence side it also plans to look at several international markets. This announcement is likely to be taken positively by the markets.
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