Indian Stock Market – an Update 17th May 2013

Hi Friends,

Indian markets extended gains to end higher on Thursday amid a range bound trading session led by certain large cap stocks in play. The Nifty ended up by at 6170. Nifty has been making higher tops and higher bottom pattern from last five consecutive weeks. Market has rallied almost to 6200 levels. If nifty manages to hold the 6200 levels then we may soon head towards life time high of 6340-6350 levels.

For intraday key support for nifty will come in around levels of 6090 – 6120. Resistance for the nifty will come in at 6190 – 6230.

Some important considerations here:

1. The promoters of Tata Teleservices will be offloading an aggregate of 5.16 crore shares through an offer for sale (OFS) today. The promoters, would sell shares representing 2.72% of the equity share capital of the company. The floor price would be known post market hours. Share prices of Tata Teleservices are expected to remain volatile today.

2. Reliance Capital  yesterday reported a 20 percent year-on-year drop in its fourth quarter consolidated net profit to Rs 156 crore, driven by lower income from operations that fell 15 percent to Rs 1,650 crore. We expect a negative impact on the counter today.

– TD

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