Index Trends & Stocks In Action For 7 November 2013
Shailendra Lotlikar / 07 Nov 2013
The Nifty has corrected from its top and is trading in such a zone where it can now witness a bounce back. Here are the details of the technical side of the markets today along with the stocks that are likely to remain in action for today
The Indian market ended at its day’s low weighed down by banking stocks and heavyweights like Reliance industries. The Nifty ended down 38 points at 6219 after touching intraday low of 6209. The index is trading near its breakout levels, which will act as a strong support now; the level of 6180-6200 is an important support for the Nifty. So, as long as 6180-6200 is intact, we expect a bounce back from this level as the Nifty has corrected from its top and this correction has been witnessed on declining volumes and the RSI is trading near its strong support. If any bounce has to come, it has to come now. the Nifty on the higher side has a resistance around levels of 6250-6280.
According to reports, Sri Lanka is offering 13 offshore exploration blocks in the Cauvery and Mannar basins located in the northern and western side of it. ONGCs overseas arm, ONGC Videsh and Cairn India are likely to bid for these oil and gas blocks on offer for exploration. The news is likely to keep both the ONGC as well as the Cairn India stocks well in focus for some time now.
The problems for Wockhardt just don’t seem to be ebbing. The company will reportedly take a hit of nearly a million pounds in revenues due to the import restrictions imposed on its Kadaiya facility in Nani Daman by the UK health regulator. The stock will suffer a fresh round of downside following this fresh set of negative news flows.
Though it hasn’t disclosed the monetary impact of it, iGATE will remain in focus today following the announcement of a multi-year contract that it has received from UBS AG under which it will provide financial instrument data services globally for the financial services firm.
An average 18% hike in base price of the 1800 MHz spectrum over that recommended by the TRAI and a 25% hike in base price of the 900 MHz spectrum over that recommended by TRAI is likely to hit telecom operators Bharti and Idea among others. The stocks of these two companies will surely see some selling pressure following this development.
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