Index Trends And Stocks In Action For January 24, 2013
Indian Equity markets after a weak opening and a subsequent choppy ride that lasted till noon, ended on positive note. The Nifty index closed at 6345 up by 6 points from its prior close. Capital goods stocks light up the mood of investor's credit to robust number and impressive order book reported from heavyweight LT. Automobile, Metal and Oil stocks ended on weak note. While banks, IT and Healthcare stocks ended on a mixed note. The Nifty and Bank Nifty face resistance around levels which we mentioned in our last write up and we also said that as long as Bank Nifty does not sustain above 11250-11260 don't expect index to move above 6360, so this was in line with our expectation. The Nifty is trading at a crucial level now, if it manages to close above 6360 on weekly candle than we might see a shift in range on higher side and door for 6420-6450 will be opened. As far as technical indicators and candlestick pattern suggests there are no signs of reversal or correction as if now. RSI which managed to cross hurdle of 60 levels in last trading session continued to move up-wards, so momentum is likely to be on buying side and any dip or correction should be used for buying. Intraday Nifty will face resistance around levels of 6372 and if Nifty sustain above this level next resistance is around 6400. On downside Nifty has strong support around 6300 and if Nifty breaks this level next important supports around 6270.
Kirloskar Brothers (BSE Code: 500241) has collaborated with Tata Power to install the world's largest circulating water pumping system for the latter's Ultra Modern Power Plant (UMPP) at Mundra. Around 10.5 million litres of water is circulated by the pump sets per minute. The stock is likely to remain in limelight in today's trade.
Tata Communications (BSE Code: 500483) will set up a major ultra-modern green data centre at the Gandhinagar-based Gujarat International Finance Tec-City (GIFT), India's first globally-benchmarked International Financial Services Centre (IFSC), to provide communication services. The centre will be built and managed by Tata Communications, a consortium member of Smart ICT Services and operation of ICT infrastructure, services and platforms within GIFT on a Build, Own and Operate (BOO) basis. The stock is likely to trade with a positive bias in today's trade.
West Bengal based MBL Infrastructures (BSE Code: 533152) has bagged 5 orders worth Rs. 502.28 crores. The company has informed through a release on the exchanges. However, a detail regarding the same is still awaited. But the stock may witness some buying interest among traders and investor in today's trade based on the news that came post market hours yesterday.
Jet Airways India (BSE Code: 532617) has joined the fare war slashing fares by 50% in a two day discount offer. The discount is not available on all flights and is restricted to Jet Konnect, the airline's no frills brand and Jet Airways and Jet Konnect code share flights making about 80% of all its domestic capacity. The stock may witness some volatility in today's trade.