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Index Trends And Stocks In Action For December 18, 2013

Indian Equity markets opened on positive note and traded in tight range, however traders resorted to profit booking ahead of the Reserve Bank of India's policy meet. The Nifty fell 15 points to close at 6139. Banking and PSU stocks were top loser. In our last write up we mentioned market has changed its trend as indicated by technical parameter and we also mentioned 6190 will act as stiff resistance and market touched high of 6191 and closed around days low. Going ahead market will take cues from RBI policy and Fed meeting. For intraday 6190 will act as stiff resistance and if Nifty sustain above this level next resistance is around levels of 6220. On down side 6120 will act as support and next support is around 6079.

Kotak Mahindra Bank plans to expand to rural India faster to remain ahead of the likely rivals in the form of new banks. Although banks are mandated to open a quarter of their branches in villages with less than 10000 population, Kotak plans to do more as the cost of setting them is a proportion of what it takes in a city. The stock may remain in focus for today's session and may trade with a positive bias.

Sun Pharma Advance Research Company has announced the receipt of a Complete Response letter from the US FDA on its New Drug Application (NDA) for Venlafaxine Extended-release Tablets 300mg, an anti-depressant product. A complete response letter is a communication from the FDA to companies that an NDA cannot be approved in the present form. The stock may witness some buying in today's session owing to this development.

PTC India Financial Services has divested its 16.76% stake in Meenakshi Energy for an amount of Rs 209.73 crore. The proceeds from the transaction will be strengthening the balance sheet  and augment loan book growth of the company. The counter may remain in focus and is likely to witness some buying interest in today's trade owing to this development.

Trent and Tesco have been in discussion regarding an investment by Tesco in Trent Hypermarket which operates the Star Bazaar business and is engaged in multi brand retail trading. Tesco is making an application to the FIPB in this context. If the application is successful, the intent would be to enter into a partnership where Trent and Tesco will own 50% stake in Trent Hypermarket. The stock has receive buying interests in yesterday's session. Further buying in the stock in today's session cannot be ruled out.

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