Six stocks in focus in Thursday morning trade

NEW DELHI: Indian shares are expected to trade in a range with a positive bias on Thursday tracking mixed Asian markets. The immediate support level for Nifty is around 5,883.

"The Nifty closed in the positive today. It is now expected to head higher till 5,950 with support around 5,883 in the short term. The key supports in the immediate run will be around 5,883 and resistance will be at 5,950," says Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.

The Nifty has taken support at the lower end of the range between 5,548 and 5,800. It has also broken the range on the upside, which indicates strength in the short term, he added.

Mehta is of the view that the Nifty's short-term bias would remain positive until it closes above 5,850 for a target of 5,950. The medium-term outlook also changed to positive.

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

Retail stocks will be in focus after UPA II government on Wednesday won the Parliament vote in favour of FDI in retail in Lok Sabha. The BJP motion against FDI in multi-brand retail was defeated as UPA won 253 votes in its favour as opposed to 218 votes against FDI.

Reliance Industries Ltd, after the US' Export-Import (Ex-Im) Bank has extended $2.1 billion credit to Reliance Industries, which will be primarily used to finance goods and services sourced from America for expanding Reliance's projects at Jamnagar.

MphasiS Ltd, after the HP-owned IT services firm reported 14.3 per cent year-on-year jump in consolidated net profit at Rs 209.31 crore for the fourth quarter ended October 31, 2012.

Strides Arcolab Ltd, after Eli Lilly and Agila Specialties, the specialties division of Strides Arcolab announced a collaboration to expand delivery of cancer medicines in the emerging markets.

IndusInd Bank, after the bank said its Board has approved allotment of 5.21 crore equity shares to qualified institutional buyers (QIBs). The equity shares at a price of Rs 384 per share, including a premium of Rs 374 per share, aggregates to Rs 2,000.63 crore to QIBs

Jindal Steel & Power Ltd, after the company is targeting to acquire more coal mines in South Africa and Mozambique.