Index Trends And Stocks In Action For January 15, 2014

Indian Equity markets remained under selling pressure on Tuesday, after a strong rally traders prefer to book profit as cues from global were not encouraging. Nifty closed at 6241 down by 30 points.  Declining stocks outnumbered advancing ones. Nifty on Monday saw good breakout of trading range but it dint seen any follow up buying next day. However one positive take away is that Nifty managed to hold on 6240 on closing basis, this level has acted as strong resistance earlier and Nifty after several attempt crossed this resistance. So now this level will act as strong support and as long as Nifty holds this level we don't accept any major move on downside. Going forward market will remain sluggish and volatile but it will trade in narrow range. For intraday Nifty has strong support at 6220 and if Nifty breaks this level next important support is 6200. On upside resistance is around 6265-6300.

Escorts (BSE Code: 500495) launched its popular tractor brand 'Powertrac' in Uttar Pradesh. The ergonomically engineered hydraulic consoles, bigger and wider floor and operating area provide not only more comfort to the farmer but also keeps them safe and secure. The stock is likely to witness some buying activity in today's trade based on this news that came post market hours yesterday.

Dhanuka Agritech (BSE Code: 507717) will invest Rs 50 crore on a new manufacturing plant in Rajasthan and is expecting at least 25% growth in revenue to about Rs 750 crore this fiscal on better monsoon. It has 3 units in Haryana, Gujarat and Jammu & Kashmir to produce over 80 plant protection chemicals. The stock may remain in limelight in today's trade.

Reliance Industries (BSE Code: 500325) is looking to pick up an 11% stake in Venezuela's Petrocarabobo project that was recently surrendered by Malaysia's Petronas, and is eyeing exploration assets in Mexico. The stock may witness some buying in today's trade.

The board of Coal India (BSE Code: 533278) announced an interim dividend of Rs 29 per share. The company's cash outflow will be around Rs 18,000 crore. The total outgo from the company would be around Rs 18,317.46 crore out of which government of India, which holds 90% of company's shares, would get Rs 16,485.71 crore. The company has fixed January 20, 2014, as the record date for the payment of interim dividend. The stock may remain in limelight in today's trade.