NEW DELHI: The S&P BSE Sensex recovered from their lows in mid-morning trade on Wednesday, led by gains in Tata MotorsBSE 1.13 %, Sun Pharma and HUL. Tracking the momentum, the 50-share Nifty index was trading near its crucial psychological support level of 5900.
At 10:00 a.m.; the 30-share index was at 19,920.63, down 63 points or 0.32 per cent. It touched a high of 19,944.30 and a low of 19,826.96 in trade today.
The Nifty was at 5,911.14, down 16.25 points or 0.28 per cent. The index touched intraday high of 5,915.75 and a low of 5,877.10.
"The Nifty is likely to find support 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.
At 10:00 a.m.; GE Shipping was trading 0.2 per cent lower at Rs 292.05, while Kajaria Ceramics was down 1.5 per cent to Rs 244.
Punjab National BankBSE 0.04 %, Indian Bank, IDBI BankBSE 0.32 % 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.
At 10:00 a.m.; PNB was trading 0.6 per cent lower at Rs 464.60, Indian Bank was down 0.69 per cent to Rs 71.70. IDBI was trading 0.2 per cent lower, while OBC slipped 0.3 per cent to Rs 154.85.
BayerBSE 6.37 % 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.
At 10:00 a.m.; Bayer CropSciences was trading 2 per cent higher at Rs 1569, while Kaveri Seeds gained 4.2 per cent to Rs 1509.
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.
At 10:00 a.m.; SBI was trading 1.4 per cent lower at Rs 1589.80.
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.
At 10:00 a.m.; DLF was trading 1.5 per cent higher at Rs 141.
Tata PowerBSE 0.83 % Ltd: The Tata group's power utility, said it has acquired AES Saurashtra Windfarms from the US-based AES Corporation.
By
Shah Mohammad Abdul Qadir
PGDM 1st Sem
At 10:00 a.m.; the 30-share index was at 19,920.63, down 63 points or 0.32 per cent. It touched a high of 19,944.30 and a low of 19,826.96 in trade today.
The Nifty was at 5,911.14, down 16.25 points or 0.28 per cent. The index touched intraday high of 5,915.75 and a low of 5,877.10.
"The Nifty is likely to find support 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.
At 10:00 a.m.; GE Shipping was trading 0.2 per cent lower at Rs 292.05, while Kajaria Ceramics was down 1.5 per cent to Rs 244.
Punjab National BankBSE 0.04 %, Indian Bank, IDBI BankBSE 0.32 % 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.
At 10:00 a.m.; PNB was trading 0.6 per cent lower at Rs 464.60, Indian Bank was down 0.69 per cent to Rs 71.70. IDBI was trading 0.2 per cent lower, while OBC slipped 0.3 per cent to Rs 154.85.
BayerBSE 6.37 % 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.
At 10:00 a.m.; Bayer CropSciences was trading 2 per cent higher at Rs 1569, while Kaveri Seeds gained 4.2 per cent to Rs 1509.
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.
At 10:00 a.m.; SBI was trading 1.4 per cent lower at Rs 1589.80.
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.
At 10:00 a.m.; DLF was trading 1.5 per cent higher at Rs 141.
Tata PowerBSE 0.83 % Ltd: The Tata group's power utility, said it has acquired AES Saurashtra Windfarms from the US-based AES Corporation.
By
Shah Mohammad Abdul Qadir
PGDM 1st Sem
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