Pre-market: Five stocks to watch out for today

Range-bound movement likely, ECB meet eyed

The markets are likely to remain range bound tracking mixed global cues. All eyes are on the ECB meeting which is scheduled to be announced today.

Overnight, U.S. stocks closed out a second straight session of thin trading on Wednesday, with investors reluctant to make big bets ahead of a crucial meeting of the European Central Bank, which could announce new policies to help contain the euro zone's debt crisis.

Asian shares edged up on Thursday and the euro held the previous session's gains made after reports that the European Central Bank will buy unlimited amounts of short-term sovereign bonds to cap surging borrowing costs in indebted euro zone states.

MSCI's broadest index of Asia Pacific shares outside Japan rose 0.2 percent while Japan's Nikkei was flat. At 700 Indian Standard Times, the SGX Nifty was down 7 points at 5,240.

Back home, according to technical analysts, the bias is likely to remain negative as long as the index sustains below 5,230. On the downside, the index can slide to 5,160 as the momentum seems to remain in favour of the bears. The Nifty is likely to seek support around 5,210-5,200, while face resistance around 5,240-5,255.

Stocks to watch

Among individual stocks, Tata Steel will remain in focus as it has increased stake in its subsidiary, The Tinplate Company of India Ltd, by 14per cent for over Rs 87.92 crore.

Telecom operator MTNL plans to de-list shares from Delhi, Calcutta and Madras stock exchanges as part of cost reduction measures. This may bring the stock in limelight in trades today.

Shriram City Union Finance will be in limelight as it plans to raise up to Rs 500 crore through non-convertible debentures (NCD).

Jain Irrigation Systems Ltd said it plans to raise around $200 million (about Rs 1,100 crore) by issuing shares and other securities to IFC, Rabo bank and others to strengthen the balance sheet and reduce interest costs. This may bring back the stock in focus

Reliance Infrastructure Chairman Anil Ambani has formally announced the company’s exit from the Rs 5,100-crore Worli-Haji Ali sea-link project. Ambani made the announcement at the company’s annual general meeting held here on Tuesday.

ICICI Bank plans to repatriate a large part of its capital from its UK arm as its business growth there has slowed significantly due to the economic turmoil in the euro zone and a stringent regulatory environment. This news will keep the stock in focus.