Index Trends And Stocks In Action For 18th November 2013
DSIJ Intelligence / 18 Nov 2013
Nifty has strong support around level of 6030-6000, if nifty comes around this level it will be a good buying opportunity. On upside nifty has strong resistance around 6120, a close above this level will give commanding position to bulls.
Indian Equity market witnesses a strong comeback on the last trading day of week and closed higher by more than 1%. The rally was led by Auto and Banking sector. As we had mentioned in our last write up that we expect market to bounce back from this and it will be hard for bears to take nifty below 5940-5970 range as it has multiple support around these levels and what we witness was in line with our expectation. On daily charts nifty has given a good bullish inverted hammer candlestick, inverted hammer forms when the upper shadow is longer than real body and the lower shadow is small or nonexistent this candlestick also hints the end of the downtrend. Going ahead nifty has strong support around level of 6030-6000, if nifty comes around this level it will be a good buying opportunity. On upside nifty has strong resistance around 6120, a close above this level will give commanding position to bulls.
Axis Bank will become a "foreign- owned" lender, to be governed by FDI policy, following the go- ahead to its proposed increase in foreign investment holding to 62 per cent, entailing inflow of over Rs 6,200 crore. The proposal, recently cleared by the Foreign Investment Promotion Board, now requires go-ahead from the Cabinet Committee on Economic Affairs as it envisages investment of over Rs 1,200 crore. Axis Banks seeks to raise foreign investment holding from the existing 49 per cent to 62 per cent. Following the hike in stake by foreign investors the bank will become foreign-owned, whereby every future investment in seven subsidiaries will be governed by the FDI policy. It is positive news for the counter helping to move upwards on the bourses.
M&M is looking to introduce more powerful tractors in the US, as the company aims to build on the robust growth story in that market, M&M's ED & president-automotive & farm equipment sectors. The management stated that, "Our tractor sales have increased almost 45% in Mahindra USA against industry average of about 15%. Now, we are playing in the 0-80-hp range and we are looking at introducing the 100-120-hp range of tractors”. The tractor division has performed well in the past and we expect the initiative to witness good response. Expect the counter the stay in positive zone in near term.
GlaxoSmithKline (GSK) announced an Rs 864 crore investment in India to set up a medicine manufacturing unit. A new Rs 864-crore (85 million pounds) factory will be set up creating 250 jobs in India as part of our continued commitment to ensuring access to medicines for people in the country, a company release said. The facility is expected to be operational by 2017. Though it is a long term plan, we expect the news to make a positive impact on the counter
Troubles of debt-laden ABG Shipyard will continue for a while as some of the 22 lenders have opposed the country's largest private shipbuilder's proposal to restructure its Rs 11,150-crore loan, according to reports. The reports suggested that Rs 11,150-crore CDR proposal of ABG Shipyard did not come up for consideration at meeting which was scheduled last week. The proposal lacked the backing of the majority of lenders. We expect a negative impact on the counter in near term.
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