Eight stocks in focus in Tuesday morning trade

NEW DELHI: Indian shares are expected to trade in a range with a positive bias on Tuesday in the absence of global cues. The immediate support level for Nifty is around 5,893.

“The Nifty is now expected to head higher till 5,965, with support around 5893 in the short term. The key supports in the immediate run will be around 5,893 and resistance will be at 5940,” says Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.

“The Nifty has taken support around the previous swing low, ie 5,840, and has bounced, which indicates strength in the short term” he added.

Mehta is of the view that the Nifty’s short-term bias would remain positive for a target of 5,965. The medium-term outlook remains positive.

Here is a list of eight stocks that are likely to be in action in morning trade today:

1) Kingfisher Airlines Ltd, after the grounded airline said that expiration of its operating licenses, was not a cause for concern as the carrier has two years to renew the license and permits required to fly.

2) SpiceJet Ltd, after the low cost carrier said that more than 1.71 crore shares pledged by one of its promoter, Kal Airways, have been released.
“Kal Airways, one of the two promoter entities of the carrier, held 15.65 crore or 32.32 per cent stake in SpiceJet as of September quarter,” PTI reported.

3) MOIL Ltd, after the state-run manganese ore producer has evinced interest in picking up a stake in Maravilloso Mines in Peru owned by Melrose Mines and Minerals.

4) NMDC Ltd, after India's largest iron-ore producer NMDC, which is sitting on a big cash hoard, said it is not in any rush to buy foreign mineral assets.

5) IVRCL, after the Ministry of Environment and Forest has rejected infrastructure giant's two sand mining projects in Uttar Pradesh due to improper documentation of mining area and environmental issues.

6) Tulip Telecom, after the enterprise data services provider, has initiated discussions with its senior lenders to restructure its debt with longer maturity periods under the Corporate Debt Restructuring (CDR) mechanism.

7) Indian Overseas Bank, after the bank said it has got board approval for a rights offer through a private placement of shares.

8) Suven Life Sciences Ltd, after the drug firm said it has received three product patents for CNS molecules, two from Eurasia and one from Canada, which could be used for treating various central nervous system disorders.