Index Trends And Stocks In Action For December 24, 2013

Indian Equity markets continued its upward journey extending the gains it witnessed on Friday. However market could not hold on to the gains for long and in last hours of trading session there was some profit booking and in turn the market ended on a flat note.  However, the broader market outperformed the benchmark indices in today's session. Advance decline was in favour of the bulls. Capital Goods, Metals and Banks saw good traction where as Technology was under pressure. Nifty on daily charts has formed shooting star like candlestick, this candlestick formation is a significant bearish reversal pattern that mainly occurs at the top of uptrends. Nifty also tested upper end of the range, so some profit taking and consolidation could be seen in next trading session. For intraday strong support is seen around the 6255 levels and next support is around 6210 levels. On upside resistance is around levels of 6320-6360.

A committee under the Ministry of Environment and Forests has given Coastal Regulation Zone (CRZ) clearance to Indian Oil Corporation (BSE Code: 530965) for setting up of 5 million tonne LNG terminal at Ennore in Tamil Nadu. The Expert Appraisal Committee, said all the issues raised in the public hearing held in September were addressed by the PSU. The stock may witness some buying in today's trade.

ONGC (BSE Code: 500312) will begin work to set up a Rs 5000 crore urea plant next year after the government of Tripura allotted 800 acres of land to the company near its Khobal gasfield. The fertiliser plant to be set up in Unakoti district, would be the biggest initiative in the state so far. With the commissioning of the project, the urea demand for the entire northeastern region would be addressed and a large chunk of the produce could be exported to Bangladesh. The stock is likely to trade with positive bias in today's trade.

Emami (BSE Code: 531162) is looking forward to states like Gujarat, Chattisgarh and Karnataka in order to expand its sales in rural markets that account for almost 40% of its total revenues. The company, which gets majority of its rural revenues from states like Uttar Pradesh, Bihar and West Bengal, is looking beyond these markets for its future growth. The stock may witness some buying in today's session owing to this news that came after the market hours yesterday.

INOX Leisure (BSE Code: 532706) has launched its 5th multiplex at Elements Mall in Jaipur. The multiplex has 3 screens with a sitting capacity of 636 persons. The stock may witness some positive move in today's trade.

NHPC (BSE Code: 533098) has been signed Promoters' Agreement on December 21, 2013 with the Government of Odisha and Odisha Hydro Power Corporation for formation of a joint venture company for implementation of six hydroelectric projects with an aggregate installed capacity of 1020 MW. The stock may trade with a positive bias in today's trade.