Index Trends And Stocks In Action For January 30, 2014

Indian Equity markets despite opening on a firm note on back of positive global cues, fail to retain gains and ended on lower side on Wednesday. Banking stocks after opening firm failed to retain morning gains and closed down. Realty and Automobiles stocks retreated after a healthy start. However Maruti Suzuki was start performer after a dismal show on Tuesday. In our last write up we mentioned that we are expecting a bounce back in coming trading, so this was in line with our expectation. Market saw a smart bounce but failed to fill the gap which was created on Monday and in today's trading session after a gap up opening, index lost momentum in after noon and in last half an hour of trading session bear's dragged Nifty to lower levels. So this suggests the trend in short term is in favor of bear's. Now going forward the zone of 6220-6200 will act as a stiff resistance for the index. If Nifty manages to close above this level than the trend will change.  For day trading important support for Nifty is around 6100 and next support is around 6070. On upside 6152 will act as stiff resistance and next resistance is around 6180. 

Lupin's (BSE Code: 500257) US subsidiary Lupin Pharmaceuticals Inc has initiated voluntary recall of multiple lots of Quinapril Tablets USP from the US market after failing impurity specification test. According to information available with the USFDA, the recall was initiated by the company last September and as many as 53160 bottles (30,264 bottles of 5 mg and 22,896 bottles of 10 mg) of both the drugs (90-count bottles) are being recalled under Class-II classification. The stock may witness some selling in today's trade.

IIFL Private Wealth, the wealth management arm of financial services company India Infoline (BSE Code: 532636) has raised about Rs 7.35 billion (USD 117.3 million) to invest in the property sector. Indiareit, the real estate private equity arm of Piramal Enterprises (BSE Code: 500302) will manage the fund. Both the stock may remain in limelight in today's trade.

Venus Remedies (BSE Code: 526953) has bagged a patent from US Patent Office for Achnil, a once-a-day painkiller injection developed by Venus Medicine Research Centre (VMRC), the R&D wing of Venus Remedies. The stock may witness some buying in today's trade.

Zensar Technologies (BSE Code: 504067) has won contracts worth more than Rs 180 crore in the first month of 2014. The new wins include a leading manufacturer of access equipment, specialty vehicles and truck bodies partnering with them on their transformation initiatives. A multi-year maintenance and infrastructure contract for a leading North American real estate major, and a large biomedical laboratory instruments manufacturer. The stock may remain in focus in today's trade.