DSIJ Mindshare

The level of 11,765 is likely to play out an extremely important role in deciding the trend for the index, as sustaining and holding above this level could open up for upmove towards the levels of 11,800, followed by 11,856. On the downside, the 20-day moving average, which is placed around 11,664, would now be seen as a key support for the index. Stocks in news: Varun Beverages, Cochin Shipyard, 63 Moon Technologies, Veto Switchgears and Cables, NIIT Technologies, Lupin, BHEL, PPAP Automotive, Skipper, Mercator, ICICI Bank.

The Indian markets return after a trading holiday on Wednesday and will try to match up with a fall in oil price. Apart from this, the GST collections reached a record high monthly collection in the month of April since the launch of the GST in July 2017. Also, Indian’s infrastructure output finally showed some improvement for March at 4.7 per cent, which will also work in favour of the Indian markets. However, an early indication from the SGX Nifty indicates that the Nifty may not cheer these positive data inflow as Nifty may open on a cautious note around 11,788 level.

Leading dredging company Mercator has sold its very large crude carrier Nerissa (VLCC), which was built in 2006, for a total net consideration of USD 27.5 million. The company said that the proceeds from this sale will be utilised to bring down its debt and other liabilities.

The stock of JSW Steel Limited gave a consolidation breakout on the daily time frame along with robust volumes.

ICICI Prudential Life Insurance Company was picked by our Bollinger Band squeeze scanner which suggests that the stock is near a consolidation breakout.