NEW DELHI: Indian markets are expected to trade in a range on Monday following positive trend seen in other Asian markets. The key support for the index is around 6,430 levels.
"The Nifty is expected to trend up till 6575 in the next couple of days. In this period the key support will be at 6430 and resistance will be at 6575," said Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.
"The Nifty has been forming higher tops and higher bottoms; it has also closed above the previous swing's high which is a positive sign for the market," he added.
Mehta is of the view that the short-term bias remains positive for a target of 6600 with reversal at 6430. The medium-term outlook remains positive as the index has started forming higher tops and higher bottoms on the weekly charts
Here is a list of seven stocks which are likely to be in focus in trade today:
Reliance IndustriesBSE 0.97 % Ltd: RILBSE 0.97 % has made drastic changes in gas supply contracts that will jack up its KG-D6 gas price by 10 per cent over and above the new rate of USD 8.3 coming into effect from next month.
Federal Bank: The government approved increasing foreign investment in Federal Bank BSE 2.47 % from 49 per cent to 74 per cent for its paid up equity share capital.
State Bank of India: Country's largest lender the State Bank of IndiaBSE 1.01 % will sell bad loans amounting to Rs 3,000 crore in the last quarter of the ongoing fiscal, the top official of the bank said here today.
PNB: State-owned Punjab National BankBSE 1.15 % ( PNBBSE 1.15 %) may raise capital through rights issue next fiscal to enhance its capital base. During the current fiscal, the bank got capital infusion of Rs 500 crore from the government. The fund infusion was done through preferential allotment of shares to the government.
IDBI Bank Ltd: Public sector IDBI Bank LtdBSE 1.18 % will sell its entire 18.95% stake in Stock Holding Corp. of India LtdBSE 0.68 % (SHCIL), a custodial and depository services provider, to IFCI LtdBSE 1.03 %.
Axis Bank Ltd: The government's offer to sell a 9% stake in Axis BankBSE 2.17 % held by Specified Undertaking of UTI (SUUTI) was largely subscribed to by state owned Life Insurance Corporation and a number of foreign institutions, raising Rs 5,500 crore and helping the finance ministry meet the disinvestment target for the current fiscal.
Novartis India Ltd: Swiss drug maker NovartisBSE -0.65 % is likely to face legal action for allegedly faking documents to seek registration of its veterinary product Tiamulin Hydrogen Fumarate (80 per cent granules) in India. The drug regulator, Drugs Controller General of India (DCGI), has already cancelled the company's import licences as well as existing registration certificate for the product, said reports.
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