Index Trends And Stocks In Action For 26th November 2013

Indian equity market ended its losing streak with block buster performance by bulls supported by positive global cues and buying seeing in rupee. Market opened gap up and consolidated in tight range in afternoon session, however in last hour banking and capital goods stocks helped nifty to surge above 6100 mark. In our last write up we had mentioned that we expect a strong bounce from this support zone and what we witness was in line with our expectation. Going ahead buying momentum is likely to continue and this market is definitely a buy on dips market unless and until nifty close below double bottom which is formed around 5970 levels. Nifty is expected to be trading in this band of 150-200 points i.e. 5970-6220. A close above or below this level will give us a breakout or breakdown. Now we have bounced from lower end of the range and seem s that we are heading to upper band of range. For intraday, Nifty has strong support around 6062 and next important support is around 6028. On upside nifty has strong resistance around 6132-6175.

Techno Electric & Engineering Company has bagged the concession for Rs 200 crore project from PFC Consulting to build transmission network in Punjab. The concession -- right to use land or other property for a specified purpose, granted by a government or a controlling body awarded for a period of 35 years is on Build, Own, Operate and Maintain model. The stock is likely to trade with some positive bias in today's trade.

Kalpataru Power Transmission (KPTL), has bagged orders worth over Rs 1,000 crore in domestic and international markets. The company has secured Rs 630 crore order in Egypt for construction of Suez Gulf/Samalaut 500 KV D/C overhead transmission line. Second order in the international market includes supply and installation of 220 KV transmission systems worth Rs 246 crore in Rwanda and Democratic Republic of the Congo. The stock may trade with a positive bias in today's trade following this development.

Two financially-stressed public sector giants – hydro major NHPC and equipment manufacturer Bharat Heavy Electricals (BHEL) – and coal miner Singareni Collieries (SCCL) are among the eleven companies which have shown interest in developing the Rs 25,200 crore Odisha Ultra Mega Power Project (UMPP). Power Finance Corporation (PFC), the nodal agency for UMPPs, had received nine bids for the 4,000 Mw project by Monday, the last date for submission of Request for Qualification (RFQ). Apart from the bid by NHPC, which has teamed up with BHEL and SCCL, other eight bids were placed by Power generator NTPC, Tata Power, Adani Power, JSW Energy, Jindal Power, Vedanta Group company Sterlite Infraventures, foreign investor China Light & Power (CLP) and Engineering giant L&T.

Lupin, may come from the land of cheap generics but it is betting on high-margin branded drugs in the United States to drive growth. It also wants to expand beyond its core US, Indian and Japanese markets into Latin America, Eastern Europe and China, and is prepared to spend as much as USD 1 billion to buy brands and companies in coming years. The stock may trade with a positive bias in today's trade following this development.