NEW DELHI: Indian markets are likely to trade in a range with a positive bias on Wednesday. The immediate support level for Nifty is around 5981.
"The Nifty is expected to head higher till 6080. In this period the key support will be at around 5981 and resistance will be at 6050," said Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.
"The Nifty has closed above the 78.6% retracement level (5971; that is the 78.6% retracement of the fall from 6111 to 5477), which was a very crucial resistance," he added.
Mehta is of the view that the short term bias for the Nifty remains positive for a target of 6111 with reversal around 5925. The medium-term outlook also remains positive with reversal around the 20-daily moving average (DMA).
Here is a list of thirteen stocks which are likely to remain in focus in morning trade:
HDFC Ltd will be in focus ahead of its quarterly results. It is expected to report net profit of Rs 1515 cr for the quarter ended March 2013 up 14.2 per cent YoY, as compared to Rs 1326.10 crore reported in the year ago period, according to ET Now estimates.
Glenmark Pharmaceuticals Ltd BSE 1.80 %, after the company posted 10.93 per cent rise in consolidated net profit at Rs 166.79 crore for the fourth quarter ended March 31, 2013, on the back of robust sales in both international and domestic markets.
Shriram Transport Finance Ltd, after the non-banking finance company reported a 16.63 per cent rise in consolidated net profit at Rs 383.46 crore for the fourth quarter ended March 31, 2013, driven by a sound rise in loan growth.
Ceat Ltd BSE 4.93 %, after the tyre maker reported 32.83 per cent increase in consolidated net profit at Rs 64.90 crore for the fourth quarter ended March 31, 2013.
Ranbaxy Laboratories Ltd will be in focus ahead of its quarterly results. The pharma major is expected to report a net profit of Rs 163 cr for the quarter ended March 2013, as compared to Rs 1247 cr reported in the year ago period.
Reliance Industries Ltd, after the government has asked for certain clarifications from RILBSE 0.10 % on the revised investment plan the company had submitted for the main gas producing fields in the eastern offshore KG-D6 block.
NMDC Ltd BSE 0.15 %, after state-owned company is now examining two proposals for acquiring coal mines in the African country.
Infosys Ltd, after country's second largest software firm, said it has partnered with enterprise solutions provider SAP for developing mobile applications for the retail industry.
Wipro Ltd BSE 0.26 %, after the software exporter said it is investing $ 30 million for a minority stake in New Jersey headquartered big data analytics firm, Opera Solutions.
GlaxoSmithKline Pharmaceuticals BSE 1.75 %, after the pharma major reported a 37.52 per cent rise in its net profit to Rs 169.01 crore for the first quarter ended March 31, 2013 from the same period previous fiscal.
Axis Bank Ltd BSE -0.58 %, after the private sector lender will replace state-run Bank of India (BoI) as the trustee bank for the National Pension System (NPS) from July onwards.
UCO Bank BSE -4.08 %, after the bank reported nearly 80 per cent slide in its net profit figure to Rs 50 crore for the quarter ended March 31, 2013. Provisioning increased by 114 per cent to Rs 977 crore (Rs 456 crore).
Dewan Housing Finance Ltd (DHFL), after the company recorded over two-fold jump in net profit at Rs 196.93 crore for the fourth quarter ended 31 March 2013.
"The Nifty is expected to head higher till 6080. In this period the key support will be at around 5981 and resistance will be at 6050," said Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.
"The Nifty has closed above the 78.6% retracement level (5971; that is the 78.6% retracement of the fall from 6111 to 5477), which was a very crucial resistance," he added.
Mehta is of the view that the short term bias for the Nifty remains positive for a target of 6111 with reversal around 5925. The medium-term outlook also remains positive with reversal around the 20-daily moving average (DMA).
Here is a list of thirteen stocks which are likely to remain in focus in morning trade:
HDFC Ltd will be in focus ahead of its quarterly results. It is expected to report net profit of Rs 1515 cr for the quarter ended March 2013 up 14.2 per cent YoY, as compared to Rs 1326.10 crore reported in the year ago period, according to ET Now estimates.
Glenmark Pharmaceuticals Ltd BSE 1.80 %, after the company posted 10.93 per cent rise in consolidated net profit at Rs 166.79 crore for the fourth quarter ended March 31, 2013, on the back of robust sales in both international and domestic markets.
Shriram Transport Finance Ltd, after the non-banking finance company reported a 16.63 per cent rise in consolidated net profit at Rs 383.46 crore for the fourth quarter ended March 31, 2013, driven by a sound rise in loan growth.
Ceat Ltd BSE 4.93 %, after the tyre maker reported 32.83 per cent increase in consolidated net profit at Rs 64.90 crore for the fourth quarter ended March 31, 2013.
Ranbaxy Laboratories Ltd will be in focus ahead of its quarterly results. The pharma major is expected to report a net profit of Rs 163 cr for the quarter ended March 2013, as compared to Rs 1247 cr reported in the year ago period.
Reliance Industries Ltd, after the government has asked for certain clarifications from RILBSE 0.10 % on the revised investment plan the company had submitted for the main gas producing fields in the eastern offshore KG-D6 block.
NMDC Ltd BSE 0.15 %, after state-owned company is now examining two proposals for acquiring coal mines in the African country.
Infosys Ltd, after country's second largest software firm, said it has partnered with enterprise solutions provider SAP for developing mobile applications for the retail industry.
Wipro Ltd BSE 0.26 %, after the software exporter said it is investing $ 30 million for a minority stake in New Jersey headquartered big data analytics firm, Opera Solutions.
GlaxoSmithKline Pharmaceuticals BSE 1.75 %, after the pharma major reported a 37.52 per cent rise in its net profit to Rs 169.01 crore for the first quarter ended March 31, 2013 from the same period previous fiscal.
Axis Bank Ltd BSE -0.58 %, after the private sector lender will replace state-run Bank of India (BoI) as the trustee bank for the National Pension System (NPS) from July onwards.
UCO Bank BSE -4.08 %, after the bank reported nearly 80 per cent slide in its net profit figure to Rs 50 crore for the quarter ended March 31, 2013. Provisioning increased by 114 per cent to Rs 977 crore (Rs 456 crore).
Dewan Housing Finance Ltd (DHFL), after the company recorded over two-fold jump in net profit at Rs 196.93 crore for the fourth quarter ended 31 March 2013.
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