Index Trends And Stocks In Action For March 24, 2014

Indian Equity market ended the special trading session on a flat note on Saturday with traders and investors staying on sidelines. The Nifty touched high of 6502 and a low of 6481, settled at 6494 against Friday's close of 6493. Some midcap and small cap stocks posted strong gains and breath was positive. Nifty has been moving in tight range of 60-70 points in last 4-5 trading session, due to lack of triggers n domestic front market is not seeing action.

Going forward bulls will be in full action if Nifty manages to get past levels of 6535 and if bulls manage to sustain above 6535 next resistance is around 6574. On downside important support for Nifty stands at 6470, as long as Nifty manages to hold on this supports no panic for the bulls. On other hand if the selling pressure pulls Nifty below 6470 than it will slide up to levels of 6420.  

Country's largest lender the State Bank of India (BSE Code: 500112) will sell bad loans amounting to Rs 3,000 crore in the last quarter of the ongoing fiscal. In a media interaction the chairperson of the bank has confirmed that the bank will sell bad loans of around Rs 3,000 crore in the last quarter of the current fiscal.  The stock may remain in focus in today's session.

Tata Group firm, Trent (BSE Code: 500251) rallied as much as 9.9% in trade on Saturday. This came after after the company formally announced 50:50 joint ventures with British retail giant Tesco to set up the very first foreign supermarket to enter the country's USD 500 billion pounds retail sector. It is said that the company is likely to witness further buying interest in today's session.

National Aluminium Company (BSE Code: 532234) has signed an MoU with Union Ministry of Mines regarding financial and non-financial targets for 2014-15. The MoU was signed between Anup K Pujari, Secretary, Ministry of Mines and Ansuman Das, CMD, NALCO. As per the MoU the net sales turnover target has been fixed at Rs 6,925 crore. As regards physical performance, NALCO has an annual production target of 68.25 lakh tonnes of bauxite, 21.65 lakh tonnes of alumina, 3.15 lakh tonnes of aluminium and power generation of 5001 million units. The stock may remain in limelight in today's session.

After ceramic units in Morbi, Gujarat, went on a one-month strike to protest various issues including state gas price hike, the impact will be felt in the current quarter results of various ceramic companies. In a media interaction, the management of Somany Ceramics (BSE Code: 531548) has indicate that there is going to be a spillover of about Rs 20-30 crore in this quarter because there is a backlog and we just don't have material to supply. The order book looks extremely strong but with the complete shutdown of Morbi, there is a little bit of hangover there reeling in this quarter. The stock may witness some selling pressure in today's session.