Index Trends And Stocks In Action For 29th November 2013

Indian Equity market opened gap up on back of strong global cues and remained range bound throughout the day. However some action was seen in last one hour where bear's try to knock of the bulls but bulls bounced smartly from lower levels to close with gains of 34 points at 6091. Realty, Power and Capital good saw some good buying. In our last write up we mentioned Nifty to see end of number expiry in range of 6000-6100 and its ended as per our expectation.  On daily charts we see a minor top being formed in Nifty around levels of 6125-6130, so fresh momentum is expected only if Nifty sustain above these levels and index might move towards the upper band of the range which in the zone of 6220. For intraday downside support for Nifty is around levels of 6028 and if Nifty breaks this level next support is around 5970. On upside resistance is around 6125-6160.

Jubilant Life Sciences has received Abbreviated New Drug Application (ANDA) approval from the US FDA for Quetiapine Fumarate Tablet, 25 mg (base), the generic version of AstraZeneca's Seroquel, which is an atypical antipsychotic medication indicated for the treatment of schizophrenia, and for the treatment of acute manic episodes associated with bipolar disorder. The current total market size for this product as per IMS is USD 59 Million per annum. The product is to be launched in Q4 FY14. The stock may remain in focus and trade with a positive bias in today's trade.

Nevyeli Lignite Corporation has spent just about Rs 795.93 crore on capex during the July-September quarter, as against the target of Rs 1106.57 crore. NLC's capex target for the 2014-15 is Rs 3,837.95 crore. The government said recently that NLC plans to expand a number of its ongoing projects which include mines at Neyveli and Barsingsar (Rajashtan) and power plant at Tuticorin ( Tamil Nadu) during the 12th plan period (2012-17). The stock is likely to trade with a negative bias in today's trade.

The Reserve Bank of India has initiated a forensic audit of United Bank of India's books, concerned by the steep deterioration in asset quality. The state-owned bank reported a net loss of Rs 489.5 crore in the quarter ended September as gross non-performing assets surged to 7.5 percent from 5.6 percent in the preceding quarter. The stock may witness some selling based on this news.

NTPC has come out with its public issue of tax-free secured redeemable non-convertible bonds of a face value of Rs 1000 each in the nature of debentures having tax benefits, aggregating up to Rs 1000 crore. The issue will open for subscription on December 3, 2013 and is scheduled to close on December 16, 2013. The company may receive some attention in todays trade owing to this news.