Index Trends And Stocks In Action October 01, 2014
The Indian market today surrendered most of its early gains and closed flat. Selling was seen in interest sensitive stocks such as banking and realty stocks, after the RBI kept interest rates unchanged in its fourth bi-monthly monetary policy statement today. In our last write up we specified that range between 8028 and 8040 will act as a resistance for nifty index and what we mentioned was in line with our expectation. Nifty is moving in narrow channel of 250-300 points from last couple of weeks, from 7840 on lower side to about 8170-8180 on upside. So with all the wild swing today, nifty failed to close above 7970-7980 mark which is 61.8% retracement from high of 8180 to low of 7840, so this indicates that the bias is towards negative side. However RSI on daily chart is indicating some reversal from lower end of the support. For day trading important support for the index stands at 7920 and 7900. On upside resistance is around levels of 8030 and 8050.
An equity share of Shemaroo Entertainment is listed on Today on the BSE and the NSE. The company has fixed the issue price at the higher end of the price band of Rs 170 a share. The company is into film and entertainment content business, saw good demand from investors, getting subscribed 7.37 times. On the first day, trading in the Shemaroo Entertainment stock will take place under the compulsory delivery mode only. The stock may remain in focus in today’s trade.
Riding on strong demand for its range of products, Hero MotoCorp (BSE Code: 500182) has clocked six-lakh units of two-wheelers in despatch sales this month. This is a growth of more than 30 per cent over the corresponding month last year, when the company had sold 4,68,670 units of two-wheelers. The company has has lined-up over 10 new product launches, including refreshes and variants, which will reach all dealerships across the country during the festive season. The stock may trade with a positive bias in today’s trade.
Nitin Fire Protection Industries (BSE Code: 532854) on Tuesday recommended an issue of bonus shares in the proportion of 1:3 (one bonus share for every three existing fully paid-up equity shares held). The stock may trade with a positive bias in today’s trade.