Index Trends And Stocks In Action November 20, 2014
The Indian markets extend its losing streak for second consecutive trading session. Barring the Healthcare and IT, all the major sectoral indices ended in the red. On daily chart nifty has formed potential evening star candlestick pattern, this is a bearish pattern and top trend reversal pattern that warns of a potential reversal of an uptrend. Now going forward two important supports for nifty are 8340 and 8280. If the bulls are able to defend these support levels, there is no threat to uptrend. On upside 8420 and 8450 would act as stiff resistance.
Midcap steel company, Pennar Industries (BSE Code: 513228) has been allowed to raise its foreign shareholding to 35 per cent from 24 per cent, after getting approval from the Reserve Bank. The stock may remain in focus in today’s trade.
With the commissioning of its Rs 120 cr faucet plant at Bhiwadi in Rajasthan, HSIL (BSE Code: 500187) aims to become the second largest player in the segment by 2016. HSIL, which makes sanitary ware and bathroom fittings under Hindware brand, presently occupies the fourth spot in the faucet segment. It is a fully automate plant with only loading and unloading being done manually. It has a capacity to produce 2.5 million pieces annually. The revenues will also go up to Rs 400 crore from this segment. The stock may remain in focus in today’s trade.
Greenply Industries (BSE Code: 526797) has fixed Record Date as 27 November 2014 for the purpose of ascertaining the name of shareholders of the Company who will be eligible to receive the equity shares of Greenlam Industries with respect to the Demerger of the Decorative Business (comprising of Laminates and Allied Products) of Greenply Industries with all its assets and liabilities into Greenlam Industries. The stock may remain in focus in today’s trade.