Index Trend and Stocks in action October 13, 2015

Indian Markets opened with a positive gap on the back of better than expected results by the IT bellwether Infosys, but the market was disappointed after the IT company lowered its dollar revenue for FY 16 and this trigger a major sell-off in the IT stocks and the Nifty index slipped below its crucial level of 8150. On the daily chart the index has formed a Bearish Engulfing candlestick pattern, which indicates bears are in a dominant position. Now going forward important support for the index is around the level of 8120 and if it’s breached expects a correction up to levels of 8065. On the upside the level of 8250 is a major hurdle for the index as it has formed a tweezers top around these levels and the 200-day EMA is placed around this zone.  The Overall picture looks sideways to negative, quarterly results and cues from global market will play a major role in coming trading sessions.

KoltePatil: The Pune-based real estate firm KoltePatil Developers has bout out its two joint venture partners in a Pune based real estate project. Corolla Realty is the holding entity of Ivy Estate, an 80 acre real estate development located at Wagholi in Pune. The company has spent Rs 164 crore to buy a 63 per cent stake held by its partner ICICI Venture Funds and an unnamed individual investor. The company earlier held a 37 per cent stake in the project.

Hindalco Industries: The Supreme Court has asked the Central Bureau of Investigation (CBI) to take appropriate action in relation to Cash, a dairy and other document recovered from the premised of Hindalco Industries. The dairy, some documents and Rs 25 crore in unaccounted cash were recovered during a probe by the CBI in connection with Coal block allocations.

LancoInfratech: The Company has announced that it has pre-closed its outstanding term loan with Yes Bank to the extent of Rs 205.42 crore by obtaining lower interest rate term loan from another bank.

Yes Bank: Private sector lender Yes Bank has announced that it has got the Reserve Bank of India’s (RBI) approval to set up a mutual fund, asset management company (AMC) and a trustee company.