Index Trends & Stocks In Action For 23 October 2013
Shailendra Lotlikar / 23 Oct 2013
The Indian markets drifted aside for the whole of yesterday. However, today could turn out to be a rather pleasant one with global cues pointing towards a positively biased trading session. Here is what the charts are saying along with the stocks that are likely to remain in action for today.
The Indian equity markets consolidated for the second straight day, amid a volatile session. Action was seen in mid and small cap stocks. The Nifty closed around 6202, down by 2 points. After a breakout from the levels of 6140-6160, the market is consolidating in a narrow range of 40 points. On the daily charts the Nifty has formed a double top around levels of 6220 and fresh movement is expected only if it sustains above this level. The index will face its first resistance around levels of 6240 and the second one will set in around 6255 levels. On the downside the Nifty has a support around levels of 6160-6110.
The Maharashtra Pollution Control Board (MPCB) has sent a notice to Atul Ltd asking it to stop manufacturing activities in its Tarapur factory. The company has requested for a revocation of the closure. It is also expecting to restart its operations as soon as it gets approval from MPCB. The Stock of is expected to face a selling pressure following this development.
The woes of Wockhardt continue unabated. The UK drug regulator has revoked the GMP certificate granted to the company for its Chilkhatana plant in Maharashtra which will again send the stock in a tumble. Well, investors would have certainly learnt their lessons by now. It is better to keep off the counter till the management mends its ways.
Tata Power is reportedly trying to bring down its debt burden. The company is looking at selling some of its investments and raising equity to cut around USD 4.9 billion in debt. The company has been reported to be reeling under the high cost of imported coal, below cost power rates and a weaker currency are said to be impacting the company operationally. The stock will come under a cloud following these disclosures and may witness some selling pressure today.
You could call it a Diwali bonanza for India’s public sector banks. The finance ministry is releasing Rs 14000 crore for meeting their capital needs. The break up was decided in a meeting attended by PSB chiefs and the finance minister. What is even better, the government has promised to give banks more than the budgeted amount of Rs 14000 crore as capital through a second tranche that will come in before March. Banking Stocks are expected to remain much in action in todays trading following this development.
Keep an eye on this little known company. Private Equity player, Actis has reportedly invested USD 48 million in Symbiotec Pharmalab Ltd., thereby acquiring a sizeable stake in the company. We believe the PE player has done its homework on the fundamental strength of the company before investing in it and it could well be on its way to providing better returns to its investors in future.
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