Index Trends And Stocks In Action For 21 October 2013

DSIJ Intelligence / 21 Oct 2013

Index Trends And Stocks In Action For 21 October 2013

Buying momentum is likely to continue and market may touch levels of 6250 in short term. For intraday nifty will face resistance around levels of 6212-6230. On downside nifty has strong support around levels of 6158-6110.

The Sensex touched its one-year high level of 20,932 on Friday triggered by global cues, good quarterly earnings from corporate so far and by robust flow of money from foreign investors. On daily charts nifty has formed big bullish candlestick along with rise in volumes and has closed above previous swing high of September and July. This hints that buying momentum is likely to continue and market may touch levels of 6250 in short term. For intraday nifty will face resistance around levels of 6212-6230. On downside nifty has strong support around levels of 6158-6110.

Motorbike manufacturer Bajaj Auto has been ranked sixth out of the ten top motorbike sellers in Africa, the company has said. The company sold more than 600,000 units across Africa last year, creating a lot of appeal with its brand "Boxer", a statement here by the company has said. Bajaj Auto also exported 1.5 million vehicles last year, including two- and three-wheelers and has been ranked the third largest motorbike manufacturer in India. It produced 3.83 million motorbikes during 2012-13 and over 515,000 three-wheelers.  We expect the stock to remain in positive zone in near term.

Neyveli Lignite has shortlisted 18 odd proposals out of 89 it has received from companies in various nations such as Indonesia, Australia, Mozambique and the US for buying coal assets overseas. The company is looking to acquire 2-3 assets for supply of 2-10 million tonne (MT) of coal in a year to secure long- term fuel linkages to its upcoming power projects. We expect the news to make a positive impact on the counter.

Drug major Lupin today said the company has received certification for International Sustainability Rating Standard, 8th edition (ISRS) from Det Norske Veritas (DNV). DNV is a global provider of services for managing risk, helping customers to safely and responsibly improve their business performance.  The certification was received after audits were conducted at three of the company's manufacturing facilities in India located at Ankleshwar, Mandideep and Tarapur, Lupin said in a BSE filing. ISRS is a system to assess, improve and demonstrate the health of an organisation's business processes.

Multiplex operator PVR today said it has entered into an agreement with an undisclosed buyer to sell its Anupam cine-complex in South Delhi for Rs 52 crore and lease back the property to operate the theatre. We feel this is a right strategy to keep the asset light model.  Expect the stock to remain in positive zone.

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