Stock Index Indian Stock Market

Indian equity markets opened on positive note and build on the morning gains to end near day's high. Breadth of the market was on positive side and was in favor of buyers. In our last write up we mentioned 6200 is stiff resistance for Nifty and on the closing basis it managed to close above this technical level. If we sustained above this level than Nifty will set up for up move till 6250-6270. Nifty on daily and weekly charts has formed a bullish candlestick and closed on upper end of the candlestick. This hints that momentum is in still favor of bulls. Going ahead Nifty has first hurdle around levels of 6250-6275 and if Nifty sustains above this level then gates for 6320 will be opened. On downside 6170 and 6145 will act as strong support.

Country's largest two-wheeler maker Hero MotoCorp reported 5.61% rise in total sales at 530530 units for November this year. In the same month last year, it had sold 502305 units. The sales update came post market hours yesterday and hence the stock may witness some buying in today's session.

Operations at state-run National Fertilizers may be affected next month if the company does not get Rs 1200 crore in outstanding subsidy. Although the government recently paid Rs 1400 crore, the company still faces a liquidity crisis due to the high price of natural gas, which is used as feedstock for its three plants at Bathinda, Nangal and Panipat. The stock is likely to trade with a negative bias in today's trade.

Coal India has achieved output of 39.20 million tonne in November, missing its production target of 41.93 MT. It achieved coal offtake of 38.76 MT in November, as against the target of 41.65 MT. In the first eight months of the current fiscal, CIL output was 274.71 MT, as against the April-November target of 289.38 MT. The stock is likely to witness some selling pressure in today's trade.

IRB Infrastructure Developers has unpledged 20 million shares, which account to 6% stake in the company. These shares are held by both Virendra Mhaiskar and his wife Deepali Mhaiskar. The shares were release from their pledge with Kotak Mahindra Prime. The stock may trade with a positive bias owing to this development.

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Accurate Stock Market Tips,Update and Index Trends

Indian Equity market remained muted and traded in narrow range as traders remained on the sidelines ahead of derivatives expiry. Nifty ended on a flat note at 6057. Nifty has a strong support around the levels of 6030 and if Nifty trades below this level then the next important support is around 5970. On upside Nifty have strong resistance around levels of 6110 and next resistance is around the levels of 6140. Option data suggest Nifty will see expiry in range of 6000-6100.   

    

    Power Grid Corporation of India, which will soon hit the market with a follow-on public offer, will seek shareholders' approval to hike shareholding limit for FIIs in the company to 30% from existing 24%. 

            Tata Power's electricity generation increase by 62% in the first six months of current financial year. The country's largest private power producer generated 22,738 million units of electricity in the first half compared with 14,029 million units a year earlier.

The Finance Ministry has sent a draft note for the Cabinet Committee of Economic Affairs (CCEA) note on disinvestment of Coal India to the Prime Minister's Office for its consideration. Meanwhile, the government and Coal India have concluded the second round of overseas road shows held in Hong Kong, Singapore and Australia. The increased activity on the disinvestment front is likely to keep the stock in focus in today's trade.

Competition Commission has held on to its observation about Etihad gaining joint control in Jet Airways and "significant" rights to appoint directors with a 24% stake purchase.

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WPI Inflation October Month

October WPI inflation came in at 7 percent. Meanwhile, the August WPI inflation has been revised upwards to 6.99 percent from a provisional figure of 6.1 percent, following which bond yields moved up.   The October number is at its highest level since February. While non-food articles index moved down slightly, the core inflation rose to 2.6 percent from 2.1 percent in the previous month.

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Stock Market Tips For Today 14-11-2013

BUY JUBILANT FOOD(LCP-1246.55) ABOVE 1250 TG-1260-1272
BUY JUSTDIAL(LCP-1013.65) ABOVE 1017 TG-1026-1038
BUY RELIANCE INFRA (LCP 404.85) ABOVE 407 TG-411-417
BUY BOB(LCP-584.05) ABOVE 586 TG-591-598.