Index Trends And Stocks In Action November 24, 2014

The Indian markets ended at fresh life time high on Friday with the Nifty index closing above the psychological mark of 8450. Banking stocks were the star performer with some of the stocks registering new-life time high on back of positive news flow.  Finally the nifty index managed to close above this supply zone; however market breadth was not favorable. Going forward momentum on the upside is likely to continue, but we could see some pause or consolidation. For intraday key level on upside would be 8515 and 8550. On downside important support for index is placed in range of 8430-8390.

Eicher Motors (BSECode: 505200) eyes Chennai for its third plant for motorcycle manufacturer Royal Enfield with an aim to bolster its dealer network to 500 by 2015. Royal Enfield currently has two manufacturing facilities one each at Tiruvottiyur and Oragadam near here. Eventually, theses two plants put together will be able to manufacture six lakh units. Right now, the company is focusing on ramping up the capacity of Oragadam plant which became operational in 2013. The stock may remain in focus in today’s trade.

A subsidiary of Indiabulls Real Estate (BSE Code: 532832) emerged as the highest bidder for a land parcel of Voltas (BSE Code: 500575) in Thane, near Mumbai, in an electronic auction conducted on Friday. Tapir Constructions bid for Rs.236 crore was the highest for the 7.22 acres of land, for which other real estate firms such as Bengaluru-based Puravankara Projects Ltd and Mumbai-based Rustomjee Group are also in the fray. Both the stock may remain in focus in today’s trade.

Adani Power (BSE Code: 533096) is all set to acquire Avantha group's Korba West Power, a wholly owned subsidiary of Avantha Power that has an installed generation capacity of 600 MW in Chhattisgarh and is implementing another 600 MW in the second phase for an enterprise value of about Rs 4,200 crore. The stock may remain in focus in today’s trade.