Index Trends And Stocks In Action November 25, 2014
The Indian markets continue its upward march for second day in a row. Strong momentum in blue chips stocks scaled the index to fresh life time highs. Nifty on daily chart has formed a bullish candlestick along with more than average volume which indicates that bulls are still in force. Technically nifty has seen breakout of upward rising channel, which is positive sign. Nifty on daily chart is continuing its sequence of higher high and higher low. However RSI is the only concern which is trading in overbought zone. For day trading nifty has important support around levels of 8490 and 8450. On upside 8550 and 8590 would act as resistance or reversal points.
As it plans to raise up to Rs 500 crore through various securities, Ceat (BSE Code: 500878) on Monday issued shares to institutional investors at a floor price of Rs. 930.53 each under a QIP. Ceat has been allowed by the Reserve Bank to raise foreign investment, allowing overseas investors to buy up to 45% of the paid up capital in the company. The stock may trade with a positive bias in today’s trade.
Bharti Airtel (BSE Code:532454) has sold over 4,800 telecom towers in Nigeria to American Tower Corporation, a joint statement by the companies said here Monday. The total consideration is expected to be approx. USD 1.05 billion, subject to customary adjustments, the filing said. The agreement will allow Airtel to focus on its core business and customers, enable it to deleverage through debt reduction and will significantly reduce its on-going capital expenditures on passive infrastructure in Nigeria. The stock may trade with a positive bias in today’s trade.
Amtek Auto (BSE Code: 520077) has posted a net profit of Rs 74.37 crore million for the quarter ended September 30, 2014 as compared to Rs 52.31 crore for the quarter ended September 30, 2013. Total Income has increased from Rs 783.95 crore for the quarter ended September 30, 2013 to Rs 1042.16 crore for the quarter ended September 30, 2014. Amtek Auto will acquire two Europe-based and one South East Asia-based auto as well as non-auto component makers through its Singapore-based wholly owned subsidiary. The stock may trade with a positive bias in today’s trade.