Index Trends And Stocks In Action For January 14, 2014
DSIJ Intelligence / 14 Jan 2014
Going ahead we feel market will continue its upward journey, but there are some roadblocks which will act stiff resistance first level is 6310 and next resistance level is 6350. On downside support is around 6250-6220.
Indian Equity markets surged well past 6200 mark on Monday to end higher by 2% recording their highest single-day gain in last two months or so. Today's rally was mainly driven by IT and Banking stocks. One more points helped market in today's trading session is the rupee which was trading near one month high. In last couple of weeks Nifty was trading in range of 6140-6240. In today's session we had seen smart breakout of this trading range. After a gap up opening we saw market continued its upward momentum though we saw some consolidation near resistance level of 6240-6250, but once Nifty got through this level it moved in one direction. RSI which was trading around 30-odd levels bounced off sharply in today's session, this is positive. Going ahead we feel market will continue its upward journey, but there are some roadblocks which will act stiff resistance first level is 6310 and next resistance level is 6350. On downside support is around 6250-6220.
Dena Bank (BSE Code: 532121) plans to add 65 branches to its network by March-end. Till December the bank had added 90 branches. The bank had a network of 1,509 branches and 770 automated teller machines as of September 30, 2013. The stock is likely to trade with a positive bias in today's trade.
Cairn India (BSE Code: 532792) plans to invest Rs 3000 crore over the next three years to improve recovery from its prolific Rajasthan oilfield. The schemes will help recover over 90 million barrels of oil in the Rajasthan block and sustain peak output for a longer time. The stock is likely to trade with a positive bias in today's trade.
ONGC (BSE Code: 500312) and United Arab Emirates' investment firm Mubadala may jointly invest in upstream projects in third countries. This development came into light in the Petrotech Conference held in Delhi. The stock is likely to remain in limelight in today's trade.
Godrej Properties (BSE Code: 533150) announced the launch of phase 3 in its residential project, Godrej E-City, in Electronic City, Bengaluru. This phase will offer over 360 homes spread across approximately 38,000 sq. m (4.1 lakh sq. ft.). The stock may witness some buying interest in today's trade.
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