Index Trends & Stocks In Action For 28th August 2013
Shailendra Lotlikar / 28 Aug 2013
The markets don’t seem to have a bottom right now. in a virtual bloodbath the benchmark indices have broken almost all key levels. Technically the market looks weak even for today. Here are what the charts look like for the Nifty along with the stocks that are likely to remain in action.
It was blood all over D-street as markets crashed more than 3 per cent and the rupee hit a life-low of 66 per US dollar. The Nifty dropped 189 points to close at 5287. Indian VIX the key gauge of market volatility touched its 20-month high yesterday. In our last write up we had mentioned ‘it’s time to say good bye to the bulls’ and we were expecting the markets to crash. What we witnessed yesterday was absolutely in line with our expectations. Going 
ahead, the Nifty has a very strong support at around 5240 for today. If we break this level, the next level would be 5200. This second level (5200) is very important psychologically and technically too. On the higher side a stronger Nifty will face resistance at around 5330-5360 levels.
Mahindra & Mahindra’s small commercial vehicles portfolio, comprising models like Bolero Pick Up and Genio Pick Up, has crossed the 12 lakh sales mark in the country. Besides making a mark in the domestic market, Mahindra's commercial vehicles have also found acceptance in over 40 countries across the globe. The stock is likely to remain in action as the markets take notice of these developments.
Leading stock exchanges BSE and NSE have decided to shift back stocks of several firms, including Vijay Mallya-led Kingfisher Airlines and United Breweries (Holdings), to the normal trading segment from the restricted category, with effect from August 30. Last month, the stocks of Kingfisher, United Breweries and Reliance MediaWorks were moved to the restricted trading category or the 'T' group as part of a surveillance review. This review is likely to help the above stocks remain in the limelight at least for some time now.
R C Bhargava, Chairman of Maruti Suzuki India is of the opinion that the auto sector is in for another tough year. He has reportedly said that the commissioning of the Company’s plant in Gujarat could be delayed. It is investing around Rs 4000 crore in the state for setting up a manufacturing facility. The statements could have an impact on the stock for the day which anyways is looking bad to begin with.
After power, it seems to be the turn of the Pharma sector. The government is clearing many of the pharma projects which have been held up until now. According to reports, US-based pharmaceutical firm Mylan is all set to acquire the entire issued capital of Agila Specialities Pvt Ltd a subsidiary company of Indian drug manufacturer, Strides Arcolab. The move will help the Arcolab shares in today’s trading.
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