Index Trends & Stocks In Action For 16th August 2013
Shailendra Lotlikar / 16 Aug 2013
Technically there are some critical hurdles that the Nifty faces. If it manages to cross those levels a fresh breakout could be a possibility. Here are the numbers along with the stocks that are likely to remain in action for today.
The market continued with its pullback rally on Wednesday for the third day in a row led by buying in heavyweights. Going ahead the Nifty has major a hurdle to cross at 5770 and 5810 levels. If we cross 5810 on the Nifty, we could see a fresh breakout. On the downside, support comes in around 5680-5640 levels.
Post the June quarter earnings; Tech Mahindra has been upgraded by analysts. There is a buy rating on the stock with an average target price of Rs 1480, up 12% from the current market price of Rs 1322. The stock at CMP is available at price to earnings ratio of 11x of its FY14 estimated earnings. This could see some fresh buying seen in the stock keeping it in focus today.
According sources, TCS has been dragged to court by Orange Country in California for making false promises and intentional misrepresentations during the bidding process. The matter relates to one of the contracts awarded to the IT giant by the country in 2007-08. According to the lawsuit, the county has suffered millions of dollars of losses. This surely puts the TCS in a spot for today and you could witness selling pressure in the counter.
Patel Engineering is eying a USD 6 billion railway infrastructure project in Mozambique. According to reports, the company is seeking clarity from the African nation on certain changes in the bidding criteria for this purpose. The stock is likely to remain well in action following this development at least for some time in future.
Reports suggest that Tata Global Beverages is looking for expansion through acquisitions. It plans to become a USD 5 billion company in the next three years and tea will not be the only product which will be fuelling its growth going into the future.
Ramco Systems is reported to be coming up with a Rights issue very soon. It plans to raise around Rs 125 crore through this issue which will probably help in bringing down its debt levels. The company currently carries Rs 320 crore in debt on its balance sheet. The market will watch this closely and hence the stock is expected to remain in focus for now.
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