Index Trends And Stocks In Action September 24, 2014

The Indian market witnessed a sharp correction on Tuesday amid some heavy offloading of position ahead of F&O expiry for the month of September due on Thursday. Weak global cues also weighed on the sentiment as most of the Asian markets ended in the read. European market were also trading lower after its purchasing managers index for the eurozone fell to a 9-month low of 52.3 in September from the previous month’s 52.5. Nifty on daily chart has formed multiple tops around level of 8160-8161. It seems nifty is heading towards levels of 7920 which is recent swing low; however there is minor support around levels of 7980. If nifty breaks its recent swing low which placed around level 7920; it’s likely to touch level of 7870. On upside index will face resistance around levels of 8055 and next resistance around level of 8120.

Shares of La Opala RG (BSE Code: 526947) will remain in focus on Today, as the company has fixed September 24 as ex-date for the proposed stock split. The glass & glass products maker proposes to subdivide each share of face value Rs 10 to five shares of face value Rs 2 each. However, those buying the shares from Wednesday will not be eligible to receive shares post stock-split.

JSW Energy (BSE Code: 533148) has informed that Barmer Lignite Mining Company (BLMCL), a Joint Venture between Raj WestPower (RWPL), a wholly owned subsidiary of the Company and Rajasthan State Mines and Minerals (RSMML), has received Environmental Clearance from Ministry of Environment, Forests & Climate Change (MoEFCC) to increase the mining capacity of its Kapurdi Lignite Mines from 3.75 MTPA to 7 MTPA for 4 years. The stock may remain in focus in today’s trade.

BHEL (BSE Code: 500103) is set to bag the mandate to develop 800 mw Kothagudem and 1080 mw Manuguru thermal power contracts from the Telangana Government. BHEL will get the mandate for both these projects to serve as an EPC contractor. Formal memorandums would be inked later. During the meeting, the Chief Minister directed Chairman and Managing Director of Telangana State Genco, D. Prabhakar Rao, to ensure generation of 6000 MW in the next three years to make the Telangana State Power surplus. The CMD of BHEL assured the Chief Minister to execute the projects of 1080 MW (4x270) within the next twenty four months and the other project within the next three years. The stock may remain in focus in today’s trade.