Index Trends And Stocks In Action For December 10, 2013

Indian Equity market opened on a high note today as traders cheer the victory of the Bhartiya Janata Party in the assembly elections. The Nifty surpassed its previous all time high of 6357 and touched new high of 6415. This milestone of crossing magical mark of 6400 has happened after a gap of 5-6 years. Market breadth was marginally negative. Nifty on intraday tick did manage to cross all time, but it did not manage to close above that level, this shows that this was already factored in and this rally was used to take profit of the table. RSI is showing negative divergence this hints we may see minor correction ahead. For intraday 6415 will act as stiff resistance and close above this level confirm fresh breakout. On downside Nifty will have strong support around level of 6330-6290. In coming trading session technical picture suggest some consolidation in range of 6210-6400 on Nifty.

Venus Remedies has signed a memorandum of understanding with South African pharmaceutical firm Austell Laboratories to exclusively outlicense its flagship product, Elores' in South Africa. The overall systemic antibacterial market of South Africa is worth USD 275 million and growing at a compound annual growth rate of 10.5%. Elores will cater to the needs of about 40% segment of this market. Venus Remedies is projected to generate a cumulative revenue of USD 20 million within five years of the launch of Elores in South Africa. The stock may remain in focus in today's trade owing to this development that came out post market hours yesterday.

Canara Bank expect its asset quality to improve by 20-30 basis points by March 2014 as it focuses on aggressive debt collections and better monitoring of performing accounts. The bank expects new bad loans to fall to about Rs 13 billion in the December quarter from Rs 28 billion in June. It will recover and upgrade loan accounts of Rs 40-50 billion rupees in the period. The stock will remain in focus in today's trade.

Power generation and transmission firm Alstom T&D has bagged two contracts worth Rs 151 crore from Gujarat Energy Transmission Company. The contracts are for supplying 400 KV, 220KV and 66KV AIS substations on turn-key basis to evacuate power from the solar parks in Charanka and Sankhari, which are being set up in the state. The stock is likely to remain in focus in today's trade.

Future Consumer Enterprise (FCEL) announced that it will be launching food and beverage brand Sunkist in India. In India, FCEL has entered into a long term agreement with California-based Sunkist Growers Inc. to manufacture, market and sell fruit juice drinks, sparkling beverages, and a range of other food products under the world-famous Sunkist brand in India. The stock may remain in focus in today's trade.