Index Trends And Stocks In Action For 24th July 2013
DSIJ Intelligence / 24 Jul 2013
We see a double top formed on the Nifty at levels of around 6064-6067. What does this mean for the Nifty today? Which stocks will see volatility in today's trading session?
The Indian equity markets ended flat on Monday, amid a volatile trading session, weighed down by profit taking in L&T after the engineering major announced disappointing first quarter earnings. The 50-share Nifty inched up 3 points to close at 6032. In our last write up we mentioned that the markets may consolidate and if the Nifty sustains above 6039 we may see a rally up to levels of 6072. What we witnessed was in line with our expectations.
On analysing the daily chart of the Nifty, we see a double top formed on the Nifty at levels of around 6064-6067. A fresh move in the Nifty is only expected if we cross this major hurdle. 5990 is a crucial support for the Nifty on the downside. If we close below the level of 5990, we may dip to 5920.
Shares of Fresenius Kabi yesterday hit an upper circuit on the news of de-listing. Further the company has announced that market watchdog SEBI has asked the company to continue with the de-listing process and instructed to complete it within three months from the date of order. The stock is expected to do well in today's session as well.
Zensar Technologies has informed that it has won multi-crore contracts in both Infrastructure management and Application development areas. It has said that these orders are worth Rs 100 crore and that it has a pipeline of USD 300 million at the moment. The stock should show some gains on the back of this news.
Larsen and Toubro (L&T) has sought shareholders nod to raise up to USD 600 million (about Rs 3200 crore) through issuing securities. It said the mode of the fund raising will be decided later and will be need based. The company plans to use the proceeds on expansion.
Electricity regulator Central Electricity Regulatory Commission has asked Reliance Power to submit a report on the financial impact on 4000 MW Sasan ultra mega power project the company is developing due to weak rupee and escalation in cost of construction. Reliance Power had petitioned the Central Electricity Regulatory Commission (CERC) seeking compensation from the government due to "change in law" impacting revenues and costs during the operating period of Sasan project in Madhya Pradesh.
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