Index Trends And Stocks In Action For March 03, 2014
DSIJ Intelligence / 03 Mar 2014
Going forward good support zone for nifty would be between 6230-6210. Only if this range is violated with good volume based selling expect further correction up to levels of 6170. On upside 6300-6330 this is a strong supply zone and once crossed this zone next target on upside could be 6370-6400 in short term.
Indian Equity market witness their best closing levels since end of January, 2104. Strong buying by foreign institutional investors resulted in some bright spells for the market. Nifty closed at 6277 up by 38 points. Nifty on daily chart has formed a Bullish Marubuzo candlestick pattern which is bullish pattern. When we see a Marubozu, it would indicate that the day closed with buyers in the control and aggressive buying.
On weekly picture as well it’s a potential Marubuzo candlestick pattern and on daily chart nifty has continued its higher top higher bottom pattern. In current context technical picture is favorable for the bulls. Going forward good support zone for nifty would be between 6230-6210. Only if this range is violated with good volume based selling expect further correction up to levels of 6170. On upside 6300-6330 this is a strong supply zone and once crossed this zone next target on upside could be 6370-6400 in short term.
Housing Development Finance Corporation (BSE Code: 500010) has raised USDE 300 million (about Rs 1,854 crore) through foreign borrowings from a consortium of four lenders. The country's largest mortgage lender plans to use the funds for its affordable housing scheme where the loan amount is capped at Rs 25 lakh. The stock may remain in action in focus in today’s trade.
BHEL (BSE Code: 500103) has bagged a contract worth Rs 7,900 crore related to 1,980 MW thermal power project in Jharkhand. The contract, won through international competitive bidding, is for NTPC's 1,980 MW North Karanpura super thermal power project. The plant will have three units, each having a generation capacity of 660 MW. The EPC (Engineering Procurement and Construction) order is valued at Rs 7,900 crore. The stock may witness some buying interest in today’s session.
After spending USD 4.12 billion in acquiring stake in a giant gas field in Mozambique, ONGC (BSE Code: 500312) will invest another USD 3 billion as its share of cost of producing gas from the field and converting it into LNG. The stock may remain in limelight in today’s session.
Tata Teleservices (BSE Code: 532371) plans to set up nearly 4,000 wi-fi hot spots in nine cities across the country in the next two years as it expects internet usage to rise exponentially on the back of year-on-year doubling of smartphone devices in India. The stock may remain in focus in today’s trade.
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