DSIJ Mindshare

M&M had surged 1.1 per cent in Monday’s trade before it closed flat. The stock thereby attempted a second Range breakout in a row near 740 levels. Media cued about the completion of a strategic alliance between M&M and Ford Motor Co.

Nifty Pharma index plunged 1.4 per cent, though it still outperformed the benchmark indices which fell more than 1.5 per cent. Nifty Pharma index too plunged 1.4 per cent, though it still outperformed the benchmark indices which fell more than 1.5 per cent. Going forward, 8,500-8,470 will act as major supports, followed by 8,315.

Indian stock markets have been trailing with negative sentiments on Friday, oil marketing stocks being the catalyst for the fall. IOC, BPCL and Hindpetro dragged Nifty Energy Index and Nifty 50 down. Moody's raised Crude Oil price forecasts.

Hero Motocorp surged 3 per cent from its previous close and witnessed a trendline breakout at 3685 levels. Going forward, the stock may see a positive rally which would be confirmed once the stock breaks its major resistance at 3750-3753 levels on a closing basis.

ITC, which holds 80 per cent market share in cigarettes buoyed after GST Council kept the cess on cigarettes unchanged. ITC has broken out of the trendline level on Monday with volume spurt and 14-period RSI positive crossover.