Nifty made a nervous start and slipped into gradual declines

On Monday, Nifty made a nervous start and slipped into gradual declines for the most part of the trading session. However, a small recovery was seen towards the closing hours of the trading session. Nifty opened the session with a downside gap and the opening downside gap remains unfilled. Going forward, the Nifty has immediate support level placed around the 9,580 level, if it slips below this level it may fall further up to levels of 9,550 and the level of 9,550 may act as a crucial support level as the 21-day EMA is placed near this region. On the upside, immediate resistance is seen at levels of 9,640-9,650 and if it holds above this level it may extend its rally up to levels of 9,700.

Stocks to look out for today:

Sun Pharmaceutical: The Company has received final approval from US FDA for its Abbreviated New Drug Application (ANDA) for generic version of Zetia, (ezentimibe) Tablets 10mg.

Wipro: In view of market activity in the Wipro Limited stock, the New York Stock Exchange has contacted the Company in accordance with its usual practice. The Company felt that it was important to clarify to the market that the payable date and ex-dividend date for its ADR (American Depository Receipts) bonus issue, or stock dividend, are yet to be determined.

DIC India: Board approves sale of Mumbai land.

Shreyas Shipping: Shreays Shipping and Logistics and Yokohama based Suzue Corporation of Japan has signed the Joint Venture Agreement.

Axis Bank: To issue NCDs worth Rs 5,000 crore subject to approval from Board of Directors.

Cosmo Films: The Company would now offer an extended range of direct thermal printable (DTP) products.

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