Index Trends And Stocks In Action For August 20, 2014
Indian Equity market continue to march upwards and extended its winning streak for the sixth consecutive trading session with Nifty managing to gain over 350 points from its intermediate low of 7540. The Auto index was the top gainer followed by Realty, Power and Capital Goods index. Even the broader market ended with smart gains of 1% each. Nifty on daily chart has formed a doji candlestick pattern, this pattern signify indecision between bulls and bears.
As per the candlestick analysis it seems Nifty index may take a breather for couple of days and post that it will resume its uptrend. For intraday traders vital hurdle for bulls on upside would be around levels of 7920-7925, if it manages to cross this hurdle bulls likely to touch levels of 7970-7990. On downside important support for index stands at 7870 and next support at 7825.
Eros International Media (BSE Code: 533261) on-demand entertainment portal ErosNow has acquired worldwide rights of Zee TV shows. As such, content from ZEE will be available to members with no extra subscription costs. This partnership allows ErosNow to showcase ZEE’s television content ranging from top rated serials and soaps to reality shows. The stock may trade with a positive bias in today’s trade.
Competition Commission of India (CCI) has approved Deepak Fertilizers' (BSE Code: 500645) proposed additional stake buy in Vijay Mallya group firm Mangalore Chemicals and Fertilizers. The approval from the fair trade watchdog also paves the way for Deepak Fertilizers to make the open offer to acquire further 26% stake in Mangalore Chemicals and Fertilisers (MCFL). The stock may trade with a positive bias in today’s trade.
State-owned miner NMDC (BSE Code: 526371) may plan to spend nearly Rs 2,300 crore to increase iron ore production from its Bailadila mines in Chhattisgarh by about 9 million tonnes per annum. The proposal has already been submitted to the MoEF for enhancement of production of iron ore from Deposit no.4. The estimated capital cost of the project will be Rs 1,899.74 crore. The stock may remain in focus in today’s trade.
Telecom major Bharti Airtel (BSE Code: 532454) is in advanced stage talks with American Tower Corporation (ATC) and Eaton Towers for selling its tower assets in several African countries, including Nigeria, Ghana and Uganda. The deal is believed to be in the range of USD 1.5-2 billion. Airtel had in July sold 3,100 telecom towers in four African countries to Helios Towers Africa for an undisclosed sum. The company now has around 14,500 towers left in Africa. When contacted, an Airtel spokesperson declined to comment. The proceeds from the deal are likely to be used for reduction of debt. The net debt of the company at the end of June 2014 stood at Rs 57,744.3 crore. The stock may witness buying activity in today’s trade.