Index Trends And Stocks In Action March 23, 2015

Indian benchmark indices declined for third straight day on account of selling pressure in Auto, Banking, Metal and FMCG stocks. The broader market ended with deep cut. The CNX Midcap index shed 1.5% and the Smallcap Index slipped more than 2.5%. Nifty index is now approaching near its important support level of 100-day EMA. In past not once but twice index has taken support near 100-day EMA and went on to touch fresh 52-week high. Current situation is similar to earlier one where index is approaching to 100-day EMA support and RSI is showing signs of bottom out around 25-30 level. Now going forward major support for index would be 8480. On upside 8630 will act as a hurdle for the bulls.

Major blow to Jindal Steel and Power (BSE Code: 532286) as government announces rejection of three of its successful bids in the recently-concluded coal block auctions, along with one by Balco. JSPL had won bids for the Tara Coal block at Rs 126 per tonne and for the Gare Palma IV/2 and 3 blocks at Rs 108 per tonne.

The E-learning firm Eudcomp Solutions (BSE Code: 532696) launched its new product “Smartclassonline”, which will allow students and parents to access course material, sharing and performance evaluation through desktops and smart phones. Over the next year, the company targets to add one million students to its SmartclassOnline platform.

In an internal restructuring, investment firms Fairbridge Capital (Mauritius) has sold 29.76 per cent stake in travel services provider Thomas Cook India (BSE Code: 500413) for Rs 1,698.15 Crore to a sister concern of Fairfax group.