Index Trends And Stocks In Action For March 25, 2014

Indian Equity markets opened on positive note and witnessed a bulky buying. The Nifty closed around the technical level of 6600. From last few days it’s consolidated in a narrow range which is 6480-6550. In yesterday’s trading session bulls continue to show their strength. As a result, Nifty has given a bullish crossover at 6570 level. 

Going ahead, on the lower hand 6520-6480 will be the immediate and vitals support levels. If it trades and sustain above these levels bulls may out number the bears on the street. After this respective vital support the doors will open for 6700 level. Alternatively, 6620-6650 will be the immediate resistance on the higher side.

State-owned Engineers India (BSE Code: 532178) has won a USD 40 million contract for the Liwa Plastics project of Oman Refineries and Petroleum Industries Co (Orpic). EIL has been awarded a project management consultancy (PMC) contract by Orpic for their Liwa Plastics Project in Sohar, Oman against international competitive bidding competition from international consultants. The stock may remain in action for today’s trade. 

Prolonged sluggishness in the economy has forced Bank of India (BSE Code: 532149) to lower its margin expectation for the current fiscal to 2.90% from 3% earlier. However, the bank expects net interest margins on the international side improving to 1.20% by March-end, while the combined NIM is likely to at 2.72%. The stock may witness some volatility in today’s trade.

Looking to make the most of a good demand for its latest hatchback, Maruti Suzuki India (BSE Code: 532500) is planning to double the production capacity of Celerio to 10,000 a month. The current production of hatchback stands at 5,000 a month. With the company discontinuing the production of Ritz and A-star, as much as 17,000 cars per month capacity is available with the auto major to enhance the production of Celerio. The stock may remain in focus in today’s session.

Reliance Industries (BSE Code: 500325) will from next month charge consumers of its KG-D6 gas on changed terms as the gas pricing formula to be implemented from April has components that will result in rate on gross calorific value basis. RIL currently charges consumers the government fixed rate of USD 4.205 per million British thermal unit on Net Calorific Value (NCV) basis. One Gross Calorific Value (GCV) equals to 0.9 NCV and so on a like to like basis consumers will have to pay 10 per cent more price if billed on GCV basis rather than on NCV. The stock may remain in limelight in today’s trade.