“The Nifty is now expected to take support around 5,613 and head higher till 5,740 in the short term. The key supports in the immediate run will be around 5,650 and resistance will be at 5,740,” Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan, said.
“The Nifty has broken out of a range with a gap between 5,449 and 5,526, which would act as a crucial support going forward. The index is now expected to move up till 5,740, which is the previous swing high,” he added.
Mehta is of the view that the index has been forming higher tops and higher bottoms on the weekly and monthly charts, which is a bullish sign for the market.
Here is a list of eleven stocks that are likely to be in action in morning trade today.
1) State Bank of India, after the public sector bank reduced its benchmark prime lending rate from 14.75 per cent to 14.50 per cent. This announcement comes three days after the bank cut its base rate from 10 per cent to 9.75 per cent.
2) Telecom stocks will be in focus(Bharti Airtel, Idea) on reports that the telecom department may issue two separate sets of notices to incumbent GSM operators - Bharti Airtel, Vodafone and Idea Cellular - asking these operators to hang up on their 3G roaming pacts, and also pay back the 'unjust enrichment' these companies earned from these pacts.
3) Tata MetaliksLtd, after the Pig iron-maker has revived plans to sell its plant at Redi in Maharastra after the deal with a Karnataka-based company fell through.
4) Aban Offshore Ltd,after the offshore drilling contractor is planning to restructure part of its $2.6 billion (around Rs 13,900 crore at the current currency rate) debt from Indian rupee loan to foreign currency loan, to reduce the interest rate burden.
5) NTPC Ltd, after the company said on Friday that it will not issue fresh equity to raise funds if the Government goes ahead offloading 9.5 per cent stake in the public sector power producer.
In a separate report the state-owned power firm said it would raise up to USD 750 million through bonds and syndicate loan in the current fiscal and is awaiting Finance Ministry's nod.
6) Reliance Industries Ltd, after the oil & gas major and its partner BP plans to surrender two more exploration blocks, reducing their tally to 14 from 21 a year ago, when the government approved the British oil major's $7.2-billion deal to pick up stakes in Reliance's blocks.
7) Maruti Suzuki Ltd, after India's largest car maker is looking to regain lost ground in the small car segment with the launch of a completely new version of its erstwhile best selling model Alto.
8) Coal India Ltd, after the board has given the management the green signal to step up acquisition of foreign coal mines. Acquiring mines abroad is necessary since coal production at home will fall far of short of demand.
9) BPCL, after the state-run oil marketer, which is setting up its first propylene unit in Kochi, said it was ready to offer 51 per cent stake in the Rs 6,000-crore project to its Korean joint venture partner LG Chemicals.
10) United Spirits Ltd, after the world’s biggest distiller, is in advanced talks to buy a stake in billionaire Vijay Mallya’s United Spirits Ltd. According to media reports, the two companies may announce a deal by next month.
11) Bhushan Steel Ltd, after SKS Ispat & Power, linked to tourism minister Subodh Kant Sahai, and Bhushan Steel have challenged the de-allocation of their coal blocks in the Delhi High Court, even before they received any formal communication about cancellation.
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