DSIJ Mindshare

Index trend and stocks in action October 28, 2016

The Indian benchmark indices got off to a sedate opening tracking the dismal leads prevailing in Asian market following dull trade overnight in US markets. Thereafter, indices kept losing steam and drifted to the lowest point in the session. However, recovery started in the second half for the indices which kept on slowly but steadily moving towards the neutral line. Nifty took support around levels of 8550 and bounced back to close above 8600 mark. On the daily chart candle has been formed with long lower shadow and this indicates buying was seen at lower levels. Now going forward the zone of 8630-8645 will act as an immediate resistance zone. On the downside, the zone of 8550 will act as an immediate support zone. A decisive breach of this support zone may open gates for correction up to levels of 8480-8500.

 JSW Steel: JSW Steel board approves stock split. Sub-division of each equity share of the company having a face value of Rs 10 into 10 equity shares having a face value of Re 1 each.

Wipro: Wipro wins a five-year agreement with speciality restaurants to reduce energy and operation costs.

NHPC: NHPC offer for sale to eligible employees to open from November 4 to November 11, 2016.

L&T Infotech: Leading global IT service and solutions provider L&T Infotech has announced a strategic partnership with Workplace by Facebook, an enterprise collaboration platform that redefines internal communications and changes the way work is done within an enterprise.

Sagar Cements: Sagar Cements to raise not more than Rs 300 crore via securities, to fund the expansion of the grinding unit at Bayyavaram and to set-up a coal based captive power unit at Mattampally plant.

MOIL: MOIL sings MoU with government of Madhya Pradesh for mineral exploration.

GMR: The GMR group won an international arbitration case against the government of Maldives and secured a compensation of $270 million.

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