Index Trends And Stocks In Action For 17th July 2013
DSIJ Intelligence / 17 Jul 2013
We see that the Nifty managed to hold on to the support level of 5900-5905 which earlier was acting as a stiff resistance. What does this imply from a technical viewpoint?
The Indian equity markets snapped a three-day winning streak to end lower on Tuesday after the central bank’s move to reduce rupee liquidity and increase short-term rates dashed hopes of a rate cut in the near-term and raised growth concerns. The 50-share Nifty closed at 5955, down by 76 points.
On analysing the daily chart of the Nifty, we see that the Nifty managed to hold on to the support level of 5900-5905 which earlier was acting as a stiff resistance. Going ahead, the Nifty has resistance at around 5970. If we manage to sustain above this level, we may see a pull-back rally up to levels of 6020-6045. On the down side, the Nifty has strong support at levels of around 5930 and 5900. If we break the level of 5900, we may see a trend reversal in the short term.
Punj Lloyd is planning to refinance up to Rs 1400 crore of debt into dollar loans over the next six months to cut costs and soften the impact of a falling rupee. At present, the company's profile of debt, and its business locations are not in harmony. While about 65-70 per cent loans of Punj Lloyd's Rs 5500 crore debt pile is in rupees, 65-70 per cent of its businesses are outside India. Some upward movement can be expected in stock prices of Punk Lloyd.
Cipla has completed the buyout process of South African pharma firm Cipla Medpro for an aggregate consideration of Rs 2707 crore. Expect stock prices of Cipla to be volatile today.
NIIT Technologies reported a 7.5% decline in its net profit at Rs 53.2 crore for the quarter ended June 30, 2013. The firm had posted a net profit of Rs 57.5 crore in the year-ago period. Consolidated revenue of the company rose by 15.4% to Rs 541.9 crore in the April-June quarter against Rs 469.6 crore in the same quarter of last fiscal.
Coal India is evaluating the prospects of buying stake in three coal assets in Australia to fill the gaps in its domestic production. It is planning to invest Rs 6000 crore in acquisitions in this year. Stocks prices of Coal India are expected to see some upward movement today.
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