DSIJ Mindshare

Index trend and stocks in action August 29, 2016

Indian benchmark indices got off to an optimistic start, shrugging the sluggish sentiments prevailing in the Asian peers, post a weak closing in the US markets overnight. After casting a brief spell in the positive territory, selling pressure emerged in the afternoon trading session, and Nifty almost touched level of 8550 on an intraday basis. However, some buying was seen in the last hour of the trading session, and Nifty ended with a loss of 0.23 per cent. Nifty has formed a negative candle as against Bearish Engulfing candlestick pattern formed on August 25, 2016. Nifty is now lingering in the larger trading range of the market, which is placed in the zone of 8550-8730; and at present it's hovering around the lower end of the range. It has been seen that over the last one month Nifty has been moving in this nagging range. Now going forward the zone of 8520-8550 is a key support for Nifty, and breach of this support zone will open up for correction up to levels of 8470. On the upside, the zone of 8610-8630 will act as a resistance zone. Daily RSI is hovering around 49 levels; and the zone of 45-48 has been a strong support zone over the last 4-5 months. Hence, we expect a bounce back from this zone.

Adani Enterprises: Adani Enterprises said its promoters- Gautam Adani and Rajesh Adani- have pledged an additional 1.65 crore shares or 1.5 per cent stake to STCI Finance Ltd.

REC: Rural Electrification Corporation (REC) said it will seek approval of its shareholders on September 21 for raising Rs 50,000 crore through non-convertible debentures (NCDs).

GMR Infrastructure: GMR Airports Limited (GAL), a subsidiary of GMR Infrastructure has won the international competitive bid for development and operation of the Mopa greenfield airport in North Goa.

Claris Lifesciences: Drug firm Claris Lifesciences has received approval from the US health regulator for generic Flumazenil injection used for reversal of the sedative effects of benzodiazepines, sold in the American market.

Tata Motors: Tata Motors reported a 57.25 per cent YoY plunge in consolidated profit after tax (PAT) to Rs 2,236 crore for the June quarter, even as it reported exceptional gains of Rs 478 crore on account of recoveries pertaining to Tianjin port incident.

Apollo Hospitals: Apollo Gleneagles, a part of Apollo Hospitals group, will invest Rs 300 crore to increase the number of beds in the next three years.

Coal India: Coal India will invest around Rs 7,765 crore towards capital expenditure in the on-going fiscal; and Rs 5,069 crores in various projects, including railways infrastructure, super critical thermal power plant and solar power.

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