Ten stocks in focus in Wednesday morning trade

NEW DELHI: Indian markets are likely to trade in a range with a negative bias on Wednesday. The key support level for the index is placed at 5,887 levels.

"The Nifty is expected to trend up till 5981. In this period the key support will be around 5887 and resistance will be at 5981," said Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.

"The Nifty has completed an expanding leading pattern on the daily chart by closing above the 20-daily moving average (DMA) and the 40-DMA," he added.

Mehta is of the view that the index is now expected to retrace the correction from 6142 to 5700 by 61.8% to reach 6000. The short-term bias for the Nifty remains positive for a target of 6000 with reversal around 5700.

The medium-term outlook remains positive because the Nifty has retraced 61.8% of the previous rally from 4770 to 6229.

Here is a list of ten stocks which are likely to be in focus in trade today:

GE Shipping Company and Kajaria Ceramics: The Reserve Bank of India (RBI) today restricted foreign institutional investors (FIIs) to purchase shares in Great Eastern Shipping Company and Kajaria Ceramics as the foreign equity shareholding have reached the trigger limit of 24 per cent.

Punjab National Bank, Indian Bank, IDBI Bank and Oriental Bank of Commerce: All the three banks have slashed interest rates on home, automobile and personal loans to fuel consumption and spur growth this festive season. Many banks have also decided to waive processing fees on retail loans.

Bayer CropScience Ltd: The crop protection and agri-products arm of German company Bayer AG, is in preliminary talks to purchase a minority stake in Hyderabad-based Kaveri Seeds as double-digit growth in hybrid seeds sales make India an attractive and automatic investment choice for global giants.

State Bank of India: SBI is likely to reduce lending rates on select retail products in the festive season, Arundhati Bhattacharya, newly appointed chairperson of the bank, said on Tuesday.

DLF: India's largest realty firm, has completed the sale process of 33MW wind turbines project in Rajasthan to Violet Green Power for Rs 67.44 crore.

Tata Power Ltd: The Tata group's power utility, said it has acquired AES Saurashtra Windfarms from the US-based AES Corporation.