Seven stocks in focus in Tuesday morning trade

NEW DELHI: Indian shares are expected to trade in a range with a negative bias on Tuesday tracking muted global cues. The immediate support level for Nifty is around 5860.
“The Nifty is now expected to head higher till 5940 with support around 5860 in the short term. The key supports in the immediate run will be around 5860 and resistance will be at 5940,” says Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.

“The Nifty has completed a five wave, with a positive close today on the downside. It is now expected to bounce for a 61.8% retracement till 6022 levels, with reversal around 5877,” he added.

Mehta is of the view that the Nifty’s short-term bias would change to positive for a target of 6022 with reversal around 5877. The medium term outlook would remain negative.

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

1) Kingfisher Airlines Ltd, after its group holding firm United Breweries (Holdings) today said it is hiking its loan limit for the ailing carrier from Rs 300 crore to Rs 750 crore.

2) Tata Power Ltd, after the company said its 50.4 MW wind energy plant in Gujarat has been registered under the United Nations Clean Development Mechanism (CDM), making it the company's third project to be part of this framework.

3) Trent Ltd, after the Tata Group retail arm said its board has approved a proposal to buy private equity fund TVS Shriram Growth Fund's entire stake in Landmark Ltd, for Rs 84 crore.

4) OMCs will be in focus after dealer-owned-dealer-operated (Dodo) pumps may ditch IOC, HPCL and BPCL to sell petrol and diesel under any brand they like and buy fuel from any refinery they choose.

5) ONGC Ltd, after the state-owned company will by this month-end revive plans to set up a liquid gas (LNG) import terminal near its Mangalore refinery in Karnataka.

6) Hindustan Unilever Ltd ( HUL), after the India’s largest packaged consumer products company, will invest €50 million (about Rs.360 crore) to set up its first Asian deodorant manufacturing facility in Khamgaon, Maharashtra, managing director Nitin Paranjpe said on Monday.

7) Tata Consultancy Services Ltd, after India’s largest software services firm said on Monday it is expanding its operations in the UK with a new delivery centre in Liverpool.