Index Trends And Stocks In Action September 23, 2014
The Indian market opened in negative and continued to remain in negative territory for the first half of trading session, indices made a sharp comeback led by gains in the FMCG, oil & gas, auto and the consumer durables stocks. Even the Mid-cap and the Small-Cap stocks were in demand. On daily chart Nifty has formed a potential Bullish Engulfing pattern; power of this candlestick pattern comes from the incredible change of sentiment from a bearish gap down in the morning to a large bullish real body candle that closes at the highs of the day. Bears have overstayed their welcome and bulls have taken control of the market. Now going forward nifty needs to clear hurdle of 8162 and next resistance is around levels of 8184. On downside important support is placed around 8120 and 8070.
Engineers India (BSE Code: 532178) (EIL) has secured a Consultancy Contract under Stiff competition from M/s. Assam Petrochemicals for their proposed 500 TPD Methanol Plant and 200 TPD Acetic Acid Plant at Namrup, Assam. EIL scope under the Contract involves License, Engineering, Procurement and Construction Management (LEPCM) Services for Methanol ISBL Plant & Integrated OSBL Plant of 500 TPD for Methanol & 200 TPD Acetic Acid Plant, with a completion schedule of 36 months. The stock may trade with a positive bias in today’s trade.
Consumer and speciality chemicals maker Pidilite Industries’s (BSE Code: 500331) board of directors has approved the acquisition of adhesive business of Blue Coat Pvt. Ltd on a so-called slump sale basis for a cash consideration of Rs 263.57 crore. Blue Coat is a manufacturer of industrial adhesives and textile printing chemicals. Slump sale means the transfer of one or more undertakings as a result of the sale for a lump sum consideration without values being assigned to the individual assets and liabilities. The stock may trade with a positive bias in today’s trade.
MCX (BSE Code: 534091) has received time till November 2 to appoint a new Managing Director and CEO. The interview for the post was suspended after Kotak Mahindra Bank signed a share purchase agreement to buy 15 per cent in the commodity exchange from Financial Technologies which was declared not fit and proper to hold stake in commodity exchanges. The post has been vacant since May after Manoj Vaish resigned citing health reasons. At present, MCX's Executive Vice president P K Singhal has been given the charge of MD. MCX annual general meeting will be held on Monday. Earlier this month, the Forward Markets Commission allowed MCX to roll out contracts for 2015 once the full divestment of Jignesh Shah-led Financial Technologies in MCX. The stock may remain in focus in today’s trade.