Index Trends And Stocks In Action For February 28, 2014

Indian Equity market rose for the fourth straight day marking its highest closing post 27th January, 2014. Blue chip stocks like Mahindra and Mahindra, ITC and Bhel helped market to surge higher. The Nifty index closed at 6238 with gains of 38 points. In our last write up we mentioned once bulls get past 6220 it's likely to touch level of 6245 and this is what we witnessed on Wednesday, once Nifty crossed 6220 it went on to make high of 6245.

The Nifty on daily chart has formed sequence of higher top higher bottom and it's trying to fill the gap which was created in zone of 6188-6264. Technically structure of Nifty is positive but going forward Nifty may face some resistance around 6258-6270 due to RSI indicator is flattening and this is hinting that some consolidation or sideways move might be seen in coming trading session. On downside major support for Nifty would be around 6200 and next important support around 6175.

Tata Power (BSE Code: 500400), which has been going slow on expansion in India given the problems faced by power projects, has identified Africa, South East Asia, Middle East and the SAARC region for growth. Tata Power generated 3212 million units of electricity in the third quarter of 2013-14 and 10,513 million units in the nine months that ended December. The stock may remain in focus in today's trade.

Lupin (BSE Code: 500257) has received final approval from US health regulator to market the generic version of Mycobutin capsules of Pharmacia and Upjohn Company that are used while treating advance HIV infection. The approval from the US Food and Drug Administration is for Rifabutin Capsules USP, in strength of 150 mg. The stock may witness some buying interest in today's trade.

Idea Cellular (BSE Code: 532822) has partnered with online browser Opera Software to offer Internet access to its subscribers for as low as Rs 7 per day. Using 'Idea Web Pass', users can access mobile Internet services on the Opera Mini web browser. The packages, which can be bought from within the Opera Mini browser, will cost Rs 7 (weekly Facebook pass), Rs 8 (daily Internet pass) and Rs 30 (weekly Internet pass).  The stock may remain in limelight in today's trade.

Venus Remedies (BSE Code: 526953) has got the marketing authorisation for its antibiotic 'Elores' from Myanmar and said it plans to roll out this drug by April this year. The management is of the opinion that this authorisation will help them to make big strides in Southeast Asia. The size of Myanmar's pharmaceutical market is USD 400 million and the country imports 85-90 per cent of its pharma products.  The stock may remain in action in today's trade.