Index Trends And Stocks In Action For 18th July 2013
DSIJ Intelligence / 18 Jul 2013
The Nifty formed a higher bottom yesterday. What does this imply for the markets on a technical basis? Which are the stocks that will see momentum in today's trades?
The Indian equity markets ended positive amid a volatile session, on the back of strong buying interest in FMCG majors Hindustan Unilever and ITC. At the same time, banking stocks tanked due to heavy selling pressure. The Nifty gained 18 points to end at 5973.
On analysing the daily chart on the Nifty we can see that it has formed a higher bottom. We expect buying momentum to continue in the Nifty as long as bulls hold on to levels of 5900. Today we saw the formation of a doji candlestick which suggests indecision in market participants. The Nifty has stiff resistance at levels of around 6000-6040. On the downside, support stands at 5920-5900.
Heritage Foods yesterday announced that it will issue bonus shares in the proportion of 1:1. The issue of the bonus shares had been pending for quite some time but the board of directors yesterday announced a decision on the same. After the bonus shares are issued the share capital of the company will rise from Rs 11.59 crore to Rs 23.19 crore. The announcement is likely to be seen positively by the market.
Shares of Sun TV yesterday showed some recovery towards the end of the day. It is heard on the street that the company is considering the acquisition of TV9 channel. The company however has denied any such reports. Market strategists are also advising to go long on the stock and hence the stock may have shown some recovery towards the end of the day yesterday. The stock most likely would show some gains today on these developments.
A panel of ministers, headed by Finance Minister P Chidambaram, cleared disinvestment of 3.56% stake in Neyveli Lignite through institutional placement programme (IPP) and the issue is likely in the first week of August. The Department of Disinvestment (DoD) has originally planned to divest 5% of its stake in the Tamil Nadu-based mining company. The Cabinet had last month approved the same.
Orchid Chemicals and Pharmaceuticals, which has a debt of USD 500 million (Rs 2,980 crore), was referred to the corporate debt restructuring (CDR) cell of the Reserve Bank of India (RBI) late last month after liquidity constraints hit the company’s operations.
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