Eleven stocks in focus in Monday morning trade

NEW DELHI: Indian markets are likely to trade in a range with a positive bias on Monday tracking strong global cues. The immediate support level for Nifty is around 5850.

"The Nifty is expected to head lower till 5850. In this period the key support will be at 5850 and resistance will be at 5959," said Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.

"The Nifty has retraced 78.6% of the previous correction from 6230 to 5936 and also broken the previous swing low. The short-term bias for the Nifty remains negative for a target of 5850 with reversal around 6050," he added.

Mehta is of the view that the medium term outlook remains positive with reversal around the 20-weekly moving average (WMA), as the index has taken support around the 20-WMA with a close above the previous swing high, i.e. 5971.

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

NTPC Ltd, after the state-run firm was slapped with a show cause notice by the coal ministry for missing its milestone for the Pakri Barwadi Block.

Ranbaxy Laboratories Ltd, after India's drug regulator has ordered inspection of the two manufacturing facilities of Ranbaxy Laboratories that were banned from exporting medicines to the US, the first formal action by the government after the drugmaker pleaded guilty to criminal misconduct in that country.

SAIL, after the steel maker said it was going ahead with its joint venture with Japanese steelmaker Kobe steel to set up an iron ore nugget plant in Durgapur at an investment of Rs 1,500 crore for which environment assessment study is on.

Sterlite Industries Ltd, after Supreme Court will hear an appeal against the reopening of the country's top copper smelter on June 10, a judge said.

Arvind Ltd, after the integrated textile company said it would build brand 'Arvind' into a Rs 2000 crore entity by 2017-18.

Aurobindo Pharma Ltd, after the pharma major has lined up about 20 product launches in the US market in the current financial year which may improve its margins.

L&T Ltd, after a consortium of Larsen and Toubro Ltd and Japan-based Sojitz has bagged Rs 6,700-crore railway contract, one of the country's biggest, for construction of 640-km-long twin-track line that will form part of the western dedicated freight corridor (DFC).

MCX Ltd, after the country's newest stock exchange, MCX-SX, will commence live trading on its dedicated debt- trading platform from today.

GMR Infrastructure Ltd, after the Bangalore-based publicly-held infrastructure developer, has written off Rs 453 crore on two of its global assets in coal mines and airports.

NHPC Ltd, afetr the state-run firm which is a potential candidate for disinvestment, is awaiting clearances for ten projects, including joint venture initiatives, worth over Rs 59,000 crore.

ONGC, after the phased deregulation of diesel, the largest-selling petroleum product in the country, could see realignment in businesses of Oil and Natural Gas Corporation (ONGC).