Eight stocks in focus in Thursday morning trade

NEW DELHI: Indian markets are likely to trade in a range with a negative bias on Thursday tracking weak global cues. The immediate support level for Nifty is around 5118.

"The Nifty is expected to trend down till 5032. In this period the key support will be near 5118 and resistance will be at 5350," said Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.

"The Nifty has been forming lower tops and lower bottoms on the daily chart, which is a sign of downtrend as per the Dow Theory. The short-term bias for the Nifty remains negative for a target of 5032 with reversal around 5375," he added.

Mehta is of the view that the medium-term outlook also remains negative. The Nifty is trading below the 20-weekly moving average (WMA) and the 40-WMA, 5813 and 5728 respectively.

The momentum indicator on the weekly chart has also given a negative crossover, he added.

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

Pratibha Industries Ltd, after the company said it has bagged a Rs 230-crore order from Public Health Engineering Department of Jaipur for water supply project.

Tata Steel Ltd, after UK-based global trading giant, Stemcor Holdings has been put on the block and top Indian firms including Tata Steel, AV Birla Group and Jindal Group are said to have shown interest in buying the company.

Tata Motors Ltd, after production at Tata Motors-owned Jaguar Land Rover (JLR) car plants in Britain was hit on Wednesday due to industrial action by supply chain workers over a pay dispute.

ONGC, BPCL, HPCL will be in focus after the Reserve Bank of India has decided to open a foreign exchange swap window to meet the daily dollar requirements of the three public sector oil marketing companies (OMCs).

Videocon Ltd, after Videocon Mobile Services is planning to roll out fourth generation (4G) services by July-August next year and is in talks with Nokia Siemens Networks (NSN) for infrastructure.

Shree Renuka Sugars Ltd, after India's largest sugar refiner has mandated Standard Chartered Bank to explore value unlocking moves in its Brazil unit worth over $1.3 billion.