Eight stocks in focus in Friday morning trade

NEW DELHI: Indian markets are likely to trade in a range with a positive bias on Friday tracking strong global cues. The immediate support level for Nifty is around 5796.

“The Nifty is expected to head higher till 5880. In this period it will find a key support at 5796 and face resistance at 5860,” said Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.

“The Nifty has bounced sharply completing a five-wave decline and is now expected to continue to rise till 5916, which is the 61.8% retracement of the previous fall (ie wave 3) from 6106 to 5566,” he added.

Mehta is of the view that the short-term bias for the Nifty remains positive for a target of 5916 with reversal around 5630.

“The medium-term outlook also remains positive because the Nifty has closed above the 20-weekly moving average (WMA) and the 40-WMA, ie 5838 and 5775 respectively,” Mehta added.

Here is a list of eight stocks which are likely to remain in focus in morning trade:

Adani Enterprises Ltd, after the Adani Group has pulled out from a $1.7 billion coal railway project with Indonesian state coal miner PT Bukit Asam in South Sumatra due to Indonesia's tough restrictions on licensing, said Bukit Asam's chief executive.

Crompton Greaves Ltd, after a part of the Avantha Group, said it has bagged a 3.5 million euros (around Rs 27.3 crore) contract from Nordex and H2air for setting up a wind farm sub-station at the 75 MW Seine Rive Gauche Nord windfarm in France.

Ashoka Buildcon Ltd, after the Tamil Nadu Road Development Company Ltd (TNRDC) has awarded the Development of Chennai Outer Ring Road Phase II to the Consortium (50% : 50%) of Ashoka Buildcon Ltd and GVR Infra Projects Limited.

BGR Energy Ltd, after one of its promoters, Sasikala Raghupathy, will sell over 21.75 lakh shares, representing 3 per cent stake, on Friday at a minimum price of Rs 118 apiece.

Lanco Infratech Ltd will be in focus after the company rebuffs Griffin Liquidation Concern with vow to keep the unit. The power company expects to avoid closing its Australian mining business even as the unit faces liquidation proceedings for unpaid tax.

Firstsource Solutions Ltd, after the ace investor Rakesh Jhunjhunwala on Thursday picked up nearly 4 per cent stake in BPO service provider Firstsource Solutions for an estimated Rs 25 crore from private sector lender ICICI Bank and others.

Larsen & Toubro Ltd, after the construction major informed the BSE that the members of the company on Wednesday approved through postal ballot, the issue of bonus shares in the ratio of 1:2 (i.e. one bonus equity share of Rs 2 for every two fully paid up equity shares of Rs 2 each held).

Oil and Natural Gas Corp (ONGC), after the state-owned company said it has drilled the deepest well in search for oil and gas in the Krishna Godavari basin.