Index Trends And Stocks In Action For March 11, 2014

Indian Equity market recorded new all time highs in early trade on Monday amid volatile session. However in last hour bulls managed to tighten its grip and eventually ended the session flat at 6537 up by 10 points. In our last write up we mentioned about 6560 level will act as strong resistance and today Nifty made high of around 6562 and retraced, so this was in line with our expectation. After a strong rally day we did see a follow up buying, but at certain point market looked like exhausted. So market may take a breather after moving furiously for past 5 trading session. So going ahead we expect some consolidation. For day trading important support level for Nifty on downside is 6470 and next major support is at 6410.   On upside 6565 will act as resistance and next resistance would be around levels of 6600.

Kuwait Petroleum Corp (KPC) is in talks with Indian Oil Corporation (BSE Code: 530965) for taking a stake in the state-owned firm’s Rs 29777-crore Paradip refinery and a proposed petrochemical complex. IOC, which will start commissioning the 15 million tonnes a year refinery at Paradip in Odisha in June, is willing to offer no more than 26% stake in the project. The stock may remain in focus in today’s trade.

Idea Cellular (BSE Code: 532822) has partnered with publisher of digital and social games Gameloft to offer games to idea users. The tie up will enable more than 130 million Idea subscribers to avail exciting games from the Gameloft Game Store and also through Idea's mobile portal. Idea subscribers will also get access to content from Gameloft's portfolio of games through Gameloft Club subscription. The stock may remain in limelight in today’s trade.

HCL Technologies (BSE Code: 532281), India's fourth largest software services exporter will help UK-based government firm Student Loans Company (SLC) offer lending and payments services. HCL Great Britain, a subsidiary of HCL Technologies, will work with financial advisory services firm Deloitte and banking and management solutions provider Misys to provide an automated, secure and streamlined customer experience across multiple channels, including digital. The stock may remain in action in today’s trade.

Maruti Suzuki India (BSE Code: 532500) is on a drive to boost its image from being a maker of small cars to one that manufactures technologically-advanced vehicles across several segments. The nation's largest carmaker will set up brand centres at upmarket locations across India to showcase its products and emerging technologies. Maruti plans to set up these centres at 16 prominent and strategic markets that generate more than half its sales. In the first phase, it has shortlisted places like Kolkata, Kochi, Chandigarh, Chennai, Jaipur, Indore and Bangalore. The stock may remain in focus in today’s trade.