Investment in Stock Market For Traders
Stock Market News and Analysis:
The benchmark indices ended higher on Friday with Nifty ended above 11,600 level. Among the sectors, auto and FMCG indices led the gainers with 1 percent gain followed by IT, pharma and bank. Nifty closed at 11596.70 and for coming session its key support is at 11575 while on higher side its key resistance is at 11700.
Headlines for the day:
- ICICI Pru Life Insurance cut its stake in Coromandel International by 2.03% to 3.06%.
- Deep Industries Limited shares spurts after securing the order from ONGC.
- Lumax Industries Limited begins commercial production of PCB from its Haryana Plant with effect from April 11.
- Lupin Limited share prices were trading 2% higher after the company launched Testosterone Gel, 1.62% (20.25 mg/1.25 g pump actuation), having received approval from the United States Food and Drug Administration.
- Jet Airways Limited stated that additional ten aircrafts had been grounded due to non-payment of amounts outstanding to lessors. It also suspended its operations to East and Northeast markets from Thursday.
- Fortis Healthcare Limited share prices surged more than 4% intraday on April 12 after the company entered talks to sell its stake in Singapore-listed Religare Health Trust, just three months after it acquired the company’s asset for Rs 4,650 crore.
- Prabhat Dairy share prices rose 5% intraday after the company completed the sale of its shareholding in wholly owned step down subsidiary, Sunfresh Agro Industries Private Limited to Tirumala Milk Products Private Limited.
- Lumax Auto Technologies Limited inked a Joint Venture agreement with Germany’s Jopp Holding for manufacturing and sale of automotive components. Both entities will have a 50% stake in this joint venture.
- IDBI Bank to consider approval of the proposed Employee Stock Purchase Scheme on April 16. The bank also said that it has cut MCLR by five basis points to 10bps across various tenors with effect from April 12.
- Bajaj Consumer Care Limited share prices surged 3% intraday after promoters released a pledge on 5.5% equity. Pledge agreement was inked by promoters Bajaj Resources Limited, SKB Roop Commercials LLP and KNB Enterprises LLP with IDBI Trusteeship Services.
- Calls for Tomorrow :
- CALL: BUY M&M EQ ABOVE 697.75 TARGETS 704.75/711.75/718.70 SL 690.75
Description: Stock heading towards its immediate resistance on daily chart settled with bullishly bias. Hence breakout is expected ahead.
- CALL: BUY INDIGO EQ ABOVE 1450 TARGETS 1464.50/1479/1493.50 SL 1435.50
Description: Stock form consolidation near its key resistance on daily chart and settled with bullishly bias. Hence rally is expected above the mentioned level.