In an exclusive interview with Myiris.com, Sandeep Porwal, technical analyst, Swastika Investmart has provided views on 2 buzzing stocks on Friday, Nov. 23, 2012 which are as under:
Ranbaxy Laboratories, one of the leading pharma players, plunged today after it has recalled Atorvastatin from the USA market. This will cause temporary disruption to that market of this product, it said.
''The investigation with regard to the same of this issue is expected to be completed within two weeks and thereafter the company expects to resume supplies,'' the company said.
Counter was hovering around the level of 517 levels since last few of trading sessions with the negative bias, following breach of mentioned level with significant volume build up triggered present sell off. Counter may test the level of 470 in following trading session till it trade below the level of 517 and so. Weekly charts also indicate respect of level of 470 may provide some respite to the present sell off while getting resulted in consolidation phase ahead.
Shares of the company declined Rs 16.75, or 3.27%, to settle at Rs 495.95. The total volume of shares traded was 191,814 at the BSE.
The Cabinet Committee on Economic Affairs has approved disinvestment of 9.5% equity of NTPC, out of its holding of 84.5% through an offer for sale of shares through Stock Exchanges as per SEBI Rules and Regulations.
After this disinvestment, Government of India's shareholding in the company would come down to 75%. The paid up equity capital of the company, as on Mar. 31, 2012 is Rs 82.45 billion. The President of India holds 84.5% of the paid up capital in NTPC.
Counter has been trading in sideways territory since long, successive breach of up sloping trend line supports follow through sell off. Significant build up of volume emphasis selling pressure is likely to get build up till it trade below the level of 166 on a closing basis. Counter may test the major support level of 147 on a positional basis. On the other hand fresh long shall be taken once it trade above the mentioned level of 166.
Shares of the company declined Rs 4.2, or 2.57%, to settle at Rs 159.50. The total volume of shares traded was 662,710 at the BSE.
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