Index Trends And Stocks In Action For March 13, 2014

Indian Equity market edged slightly higher after a choppy ride, traders and investors preferred to sit on sidelines ahead of important data like inflation reports and industrial output. The Nifty index closed at 6516 up by 5 points. IT, FMCG and healthcare stocks had a good day out. Automobiles, Capital Goods, Power and Oil stocks were sluggish and saw some profit taking. In our last write up we mentioned that bulls might stay at bay for some time and it will gain momentum only if the double top is broken which was formed in last two trading session, this was all in line with our expectation.

In today's trading session again the bear's failed to pierce below important support zone of 6470-6480, so this suggest that market is in an upward momentum. However next couple of trading session are important, if Nifty does not break above double top than we could see some correction coming in. Till than we expect Nifty to consolidate in range of 6470-6563. For day trading Nifty has important support around 6470 and next support is around 6420. On upside Nifty has strong resistance around 6565 and next resistance is around 6610.

After a makeover of government housing colony in Moti Bagh, Delhi, National Buildings Construction Corporation (BSE Code: 534309) has set its eyes outside the capital city with as many as three redevelopment government housing projects worth Rs 5,000-6,000 crore under its kitty. The company is also exploring opportunities in Africa and West Asian regions to expand its presence. It has signed an agreement for makeover of a government building in Bhubaneshwar, while agreements for another two projects - Kolkata and Bhopal expected to be signed shortly. The stock may remain in focus in today's trade.

Steel Authority of India (BSE Code: 500113) has requested the government to direct Coal India (BSE Code: 533278) arm Bharat Coking Coal to transfer the surface rights of its coal mine in Jharkhand to the steel PSU so that it can adhere to the committed schedule for development of the block by April next year. The development follows the Coal Ministry asking SAIL to deposit a bank guarantee of Rs 57 lakh for delays in the development of Sitanala mine. The stock may remain in limelight in today's trade.

Havells India (BSE Code: 517354) is planning to list Sylvania Global on the London Stock Exchange. Sylvania, designer and manufacturer of lighting products, was acquired by Havells India for euro 227.5 million in April 2007. It has plants in Europe, Asia, North Africa and Central and South America. The stock has seen some buying activity in yesterday's trade, and the market expects its shares to witness some buying interest in today's trade too.

IL&FS Engineering and Construction (BSE Code: 532907) has won a Rs 299.76 crore contract for elevated metro stations in Kolkata Metro Line in West Bengal by Rail Vikas Nigam Ltd (RVNL). The company has been awarded a contract by RVNL, Kolkata for a value of Rs 299.76 crore towards construction of seven elevated metro stations from sub CBD-1 to Titumir in New Garia-Airport Metro Corridor of Kolkata Metro Line in state of West Bengal. The stock may remain in action in today's trade.