Six stocks in focus in Wednesday morning trade
Indian markets are likely to trade in a range. Here is a list of six stocks which are likely to be in focus in trade today.
By ET Online | Updated:
NEW DELHI: Indian markets are likely to trade in a range on Wednesday in absence of any major cues. The key support level for the index is placed at 6,286 levels.
"The Nifty is expected to trend up till 6340 in the next couple of days. In this period the key support will be at 6286 and resistance will be at 6340," said Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.
"The Nifty has taken support around an upward sloping trend line and formed higher tops and higher bottoms on the daily chart which is a bullish sign for the market. The short term bias remains positive for a target of 6415 with reversal at 6259," he added.
Mehta is of the view that the medium-term outlook remains positive as the index has closed in the positive on the weekly chart and is trading above the 20-weekly moving average (WMA) and the 40-WMA, ie 5926 and 5938 respectively.
Here is a list of six stocks which are likely to be in focus in trade today:
Adani Power Ltd: Country's largest thermal private power producer Adani Power Ltd announced that its 4620 mw project at Mundra has set a record by attaining the highest generation of 4,644 MW, making it the only power station of such a gigantic size to reach a significant milestone in electricity production.
IDBI Bank Ltd: State-run IDBI Bank today announced a revision in its interest rate offerings on term deposits by raising it by 0.50 per cent in the longer term.
Coal India Ltd: Morgan Stanley today picked up 1.67 crore shares of state-owned Coal India Ltd for Rs 485 crore through open market route.
Ranbaxy Laboratories Ltd: The share purchase agreement that Japanese drugmaker Daiichi Sankyo inked in 2008 to buy Ranbaxy Labs from former promoters Singh family doesn't have any warranties of the sellers to cover risks of business and provides them multiple layers of protection, corporate lawyers said.
Coal India Ltd: Morgan Stanley today picked up 1.67 crore shares of state-owned Coal India Ltd for Rs 485 crore through open market route.
BHEL: Bharat Heavy Electricals Ltd has modernised a 200 MW unit at a thermal power plant in Uttar Pradesh.
"The Nifty is expected to trend up till 6340 in the next couple of days. In this period the key support will be at 6286 and resistance will be at 6340," said Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.
"The Nifty has taken support around an upward sloping trend line and formed higher tops and higher bottoms on the daily chart which is a bullish sign for the market. The short term bias remains positive for a target of 6415 with reversal at 6259," he added.
Mehta is of the view that the medium-term outlook remains positive as the index has closed in the positive on the weekly chart and is trading above the 20-weekly moving average (WMA) and the 40-WMA, ie 5926 and 5938 respectively.
Here is a list of six stocks which are likely to be in focus in trade today:
Adani Power Ltd: Country's largest thermal private power producer Adani Power Ltd announced that its 4620 mw project at Mundra has set a record by attaining the highest generation of 4,644 MW, making it the only power station of such a gigantic size to reach a significant milestone in electricity production.
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IDBI Bank Ltd: State-run IDBI Bank today announced a revision in its interest rate offerings on term deposits by raising it by 0.50 per cent in the longer term.
Coal India Ltd: Morgan Stanley today picked up 1.67 crore shares of state-owned Coal India Ltd for Rs 485 crore through open market route.
Ranbaxy Laboratories Ltd: The share purchase agreement that Japanese drugmaker Daiichi Sankyo inked in 2008 to buy Ranbaxy Labs from former promoters Singh family doesn't have any warranties of the sellers to cover risks of business and provides them multiple layers of protection, corporate lawyers said.
Coal India Ltd: Morgan Stanley today picked up 1.67 crore shares of state-owned Coal India Ltd for Rs 485 crore through open market route.
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BHEL: Bharat Heavy Electricals Ltd has modernised a 200 MW unit at a thermal power plant in Uttar Pradesh.
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