Index Trends And Stocks In Action For 18th October 2013
DSIJ Intelligence / 18 Oct 2013
Yesterday nifty closed below low of 11th October hanging man candle, this suggest that market might have topped out for short term and now market may consolidate or drop down. On upside nifty has a strong resistance around levels of 6080 and 6120. On downside nifty has strong around 6000-5970.
Indian equity market remained relatively flat yesterday. U.S debt ceiling issue got resolved and despite of this positive cue there was no buying momentum seen in Indian markets. Nifty and bank nifty traded in narrow range, however at the end both indices witness some profit booking and closed around 0.7% down. Yesterday nifty closed below low of 11th October hanging man candle, this suggest that market might have topped out for short term and now market may consolidate or drop down. On upside nifty has a strong resistance around levels of 6080 and 6120. On downside nifty has strong around 6000-5970.
Tata Motors is expanding its product portfolio in South Africa to increase sales by nearly four-fold in the combined passenger and light commercial vehicle segments by 2018. Describing South African market as its focus area, the company unveiled the cross-over vehicle Tata Aria and two trucks from Tata Prima and Tata Ultra range at the Johannesburg International Motor Show, 2013. These new vehicles will hit the market here early next year.
Zydus Cadila has entered into a drug development and commercialisation alliance with Germany's Pieris AG for a new therapeutic protein molecule branded Anticalin. The collaboration combines Pieris' drug discovery and early development capabilities with Zydus' expertise in biologics development, regulatory affairs and biologics manufacturing. We expect the stock remain in positive zone today.
Qatar Airways is in talks with SpiceJet for a possible acquisition of 24% stake in the Indian low cost airline. The two airlines recently signed a non-disclosure agreement but due diligence is yet to take place. The talks are in a preliminary stage and focused around Qatar Airways acquiring 24% stake in SpiceJet. The Gulf airline may infuse USD 200 million in totality in both debt and equity in SpiceJet. We expect the scrip of Spice Jet to remain in positive zone.
IL&FS Engineering and Construction Company today said it has bagged project worth Rs 149.68 crore for rural electrification works in Uttar Pradesh. We expect the stock to witness an up-move in near term.
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