Index Trends And Stocks In Action For March 31, 2014

Indian Equity market witness a strong start to April series on Friday with the Nifty index surpassing the psychological level of 6700 on intraday basis. The currency market got stronger with the rupee gaining past the 60 level against US dollar for the first time since 30th July, 2013. Now going forward on used the range between 6720-6755 is worth watching as a supply zone, which if crossed with noteworthy volumes might see the Nifty testing level of 6790. On downside 6590 is a strong demand zone for index as long as bulls hold on to this level, bull would continue to hold the upper hand. If Nifty breaks below 6590 on closing basis further incline to levels of 6520-6490 is likely.

The Ministry of Corporate Affairs is looking to ascertain whether Jignesh Shah-led Financial Technologie (BSE Code: 526881) violated laws, especially with respect to carrying out its duties as a holding company. Financial Technologies (India) (FTIL) is the flagship company of Shah Group, whose firm National Spot Exchange is grappling with a Rs 5,600 crore payment crisis. Besides these entities, the continuing crisis has also sparked off a series of regulatory interventions that has thrown spotlight on the group's various other ventures, including MCX, MCX-SX and IEX. The stock may witness volatility in  today’s session.

Dr Reddy's Laboratories (BSE Code: 500124) is back on the drawing board and is keen to make a fresh foray into the Japanese market. The Hyderabad-based company is working overtime to see that its entry next time around into the world's second largest pharma market after the US - still at works - is a success. The stock may witness some buying interest in today’s trade.

The troubled ABG Shipyard (BSE Code: 532682) has got a fresh lease of life with the 22-lender consortium clearing a Rs 11,000-crore corporate debt restructuring (CDR) proposal, which includes a fresh working capital loan of Rs 1,800 crore. This is the second largest CDR package in the history of India's banking sector. The largest CDR package was cleared in July, 2013 for the engineering and construction major Gammon India when its Rs 13,500-crore loan was rescheduled for a 10-year tenor at lower interest rate. The stock may remain in focus in today’s trade.