Index Trends And Stocks In Action July 02, 2015
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The Sensex Reclaiming its important psychological level of 28,000 after a span of two and half month led by buying across the board after the government promised capital support to PSU banks, whole improved macroeconomic data also boosted market sentiment. Technically, index opened flat with a positive bias and moved northwards as Bank Nifty and other heavyweights lifted the mood of the market. Now going forward major hurdle for the index is placed around levels of 8510 and if manages to sustain above this level expect rally up to levels of 8540. On the downside important support for the index is placed around levels of 8420. The 14-day RSI has entered into a highly overbought zone and is scaled to level of 85. We expect the market to move with momentum, however, some consolidation cannot be ruled out.
Nestle: Nestle India is preparing a blueprint for a possible re-launch of the Maggi instant noodles brand. Nestle India has created a dedicated web page for the purpose and has tied up with surveymonkey, a website, seeking feedback from employees on how Maggi can be “rebuilt”. This survey is not visible to outsiders. Employees have been encouraged to ask questions and raise doubts.
Stride Arcolab: The Reserve Bank of India has lifted a ban on foreign institutional investors buying shares of Strides Arcolab, as FII holding in the company has fallen below the threshold limit of 49%. As on 1st July, 2015 FIIs’ stake in Stride Arcolab slipped to 32.38% and hence restriction placed on fresh purchases were withdrawn with immediate effect.
Sterlite Technologies: Billionaire Anil-Agarwal-led Sterlite Technologies announced an investment of Rs 40,000 crore to set up a LCD panel manufacturing plant in the country, generating about 50,000 jobs.
Ashok Leyland: Hiduja Group’s flagship company Ashok Leyland reported 41% hike in total sales of Commercial vehicles at 10,461 units in June.