Index Trends & Stocks In Action For 22nd October 2013
Shailendra Lotlikar / 22 Oct 2013
The Indices are hovering around their life time highs and are expected to breach those highs as early as Diwali. The sentiment may not be euphoric, but is certainly not bad too. What are the technical parameters suggesting for the Nifty and which are the stocks that could remain in action for today? Here it is.
The markets opened on a positive note on Monday, traded in a tight range of 35-45 points and the Nifty closed at 6189, with marginal gain of 0.25%. It was a classic day of consolidation with stock specific movements. Capital Goods and Realty stocks were in the limelight. The Nifty on the daily charts has formed a Doji candlestick pattern, which suggests that the market may see a minor correction or consolidation in the coming trading session. It gives a hint that the momentum is likely to slow down. on an intraday basis the Nifty has a strong resistance around levels of 6232-6350. On the downside it has support at around 6160 and 6100 levels.
Pratibha Industries has secured an order worth Rs 321.88 crore from the Rajasthan government for working on water supply projects. The contract will involve a cluster scheme of 315 villages of Mandalgarh, Bijoliya and Jahajpur Tehsils along with augmentation of UWSS of Mandalgarh and Bijoliya towns. This will be under Chambal-Bhilwara water supply project phase-II and includes the operation and maintenance for 10 years on a single point responsibility turnkey basis. The stock of Pratibha Industries is likely to remain in action for the day as an outcome of this development.
India's largest realty firm DLF today said it has given a Rs 1337 crore contract to L&T for construction of its luxury residential project in Gurgaon. The company is developing a high-end housing project 'The Crest' in Gurgaon, comprising 765 units, of which about 250 flats have already been launched and sold. The stocks of both these companies are likely to remain in the limelight for today. However, the development is more positive for L&T than DLF given the state in which the Real Estate market lies today.
After the success that its QIP has reportedly met, Aditya Birla Group company Idea Cellular is likely to remain in action on the bourses today. The market seems to be in a mood to shrug aside all the negatives that are currently surrounding these companies sentimentally.
Wipro declares its results today. The company is expected to have walked along the lines of its peers in the September quarter and the stock could remain volatile until its results are out and even thereafter.
Radico Khaitan is reportedly looking at hiving off its IMFL business. Japanese firm Suntory is said to be in talks to buy out a strategic stake of 26% in the company in a deal valued at Rs 870 crore. The development will help the stock remain in quite some limelight for today as the market reacts to it.
Finance Minister P Chidambaram will meet heads of public sector banks today to take stock of their non-performing assets, credit growth and financial performance. The broad agenda of the meeting includes reviewing ways to cut down deteriorating asset quality. Credit growth in the targeted sectors is also a part of the agenda. This should keep the banking stocks in the limelight today and for some time to come depending on the outcome of the meeting.
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