Ten stocks in focus in Wednesday morning trade

NEW DELHI: Indian markets are likely to trade in a range on Wednesday tracking muted trend seen in other Asian markets. The key support level for the index is placed at 6,071 levels.

"The Nifty is expected to trend down till 6000 in the next couple of days. In this period the key support will be at 6071 and resistance will be at 6150," said Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.

"The Nifty is currently retracing the fall from 6355 to 5933 and is currently trading near the 20- and 40-daily moving averages, which should act as crucial resistances," he added.

Mehta is of the view that the short term bias for the index is negative for a target of 5930 with reversal at 6150.

The medium-term outlook remains negative with reversal above 6360 as the index has started forming lower tops and lower bottoms on the weekly chart, he says.

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

Power Grid Ltd: State-owned Power Grid Corp plans to invest more than Rs 61,000 crore in the next three financial years, with a significant chunk of funds to be raised by way of bonds and debentures.

ONGC & Oil India: ONGC Videsh Ltd (OVL) and Oil India Ltd (OIL) have signed contracts to explore oil and gas in two areas in Bangladeshi waters. An equal joint venture of OVL, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), and OIL on Monday signed production sharing contracts (PSC) for shallow water blocks SS-04 and SS-09 in Bangladesh.

Tech Mahindra & Financial Technologies: The word is out that Mahindra & Mahindra Group company Tech Mahindra has shown interest in buying a sizeable equity stake in Financial Technologies. While it's uncertain whether the ongoing negotiations will translate into a deal, ET learns that consultants have been hired to carry out a due diligence of FT.

Hero MotoCorp Ltd: Honda Motorcycle & Scooter India (HMSI) and Hero MotoCorp today slashed product prices after the excise duty reduction announced in the Interim Budget 2014-15. HMSI cut prices by up to Rs 7,600 while Hero MotoCorp reduced rates by up to Rs 4,500.

GMR Infrastructure Ltd: GMR Group today said it has sold its 74 per cent stake in a 73-km long highway project to India Infrastructure Fund (IIF).

JSPL Ltd: Jindal Steel and Power Ltd has bought back shares worth Rs 500 crore from the public, utilising just half the amount it had set apart for the buyback offer.

Hindalco & Tata Power: An inter-ministerial panel (IMG) has recommended deallocation of 29 coal blocks of companies such as Essar Power, Hindalco, Tata Power and Jindal Steel and Power Ltd, and has suggested "no action at present" for 30 other blocks.