Twelve stocks in focus in Monday morning trade

NEW DELHI: Indian markets are likely to trade in a range with a positive bias on Monday tracking strong global cues. The immediate support level for Nifty is around 5630.

"The Nifty is expected to head lower till 5630. In this period the key support will be at 5630 and resistance will be at 5721," said Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.

"The Nifty faced resistance near 6093, which is the 78.6% retracement of the previous fall. It has also broken down from an ending diagonal pattern to end the current rally," he added.

Mehta is of the view that the short-term bias for the Nifty remains negative for a target of 5630 with reversal around 5921.
The medium term outlook remains negative because the Nifty has closed below the 20-weekly moving average (WMA) and the 40-WMA, ie 5847 and 5795 respectively, he added.

Here is a list of twelve stocks which are likely to remain in focus in morning trade:

Coal India Ltd, after the state-run company reported net profit for its fiscal first quarter fell to Rs 3,731 crore from Rs 4,469 crore a year earlier, a drop of 16.5 per cent. Net sales were nearly flat at Rs 16,472 crore.

Canara Bank, after the public sector bank reported a marginal rise of 2.2 per cent in its net profit at Rs 792 crore for the quarter ended June 2013, against the corresponding period last year.

Gujarat State Fertiliser and Chemicals Ltd (GSFCL), after the company reported sharp decline in net profits by 97 per cent to Rs 5.54 crore for the first quarter ended on June 30 due to fall in sales.

Bharat Heavy Electricals Ltd, after the company posted nearly 50 per cent decline in net profit at Rs 465.43 crore for the first quarter ended June 30, 2013, as the state-run company was hurt by lower sales.

Financial Technologies and MCX will be in focus the National Spot Exchange (NSEL) has proposed a staggered payment schedule to resolve the crisis that has gripped the exchange.

"Adding to the sense of crisis, it has emerged that NSEL's settlement guarantee fund has dwindled to Rs 60 crore from Rs 800 crore," ET reported.

Oriental Bank of Commerce (OBC), after the bank reported a 9.7 per cent decline in net profit to Rs 353.38 crore in the first quarter ended June 30 on account of higher provisioning.

Reliance Industries, Indian Oil Corp and Cairn India will be in focus after media reported suggested that all the three oil & gas companies are among six firms that may submit price bids early next month to buy about 31 per cent stake in beleaguered Haldia Petrochemicals Ltd (HPL).

Lupin Ltd, after the drug major expects to strengthen its US pipeline by launching around 20 products in the next fiscal (2014-15) and aims to sharpen focus on less-competitive segments like oral contraceptives and ophthalmology.

Jindal Steel & Power Ltd, after its subsidiary Jindal Power may explore the possibility of setting up hydro power plants in Tajikstan.