Index Trends And Stocks In Action November 26, 2014
Suparna / 26 Nov 2014
The Indian markets observe biggest single day loss since 16th October, 2014, when it shed around 350 points. Shares of Realty, FMCG, Power, Metal, Consumer Durables, Banking, Capital Goods and Auto fell on heavy selling. The main cause for pinch was new norms for P-notes. Nifty on daily chart has formed a bearish Tweezer Top pattern, this pattern occurs during an uptrend when bulls take prices higher, often closing the day off near the highs. However on the next trading session, trader’s sentiment reverses completely.
The Indian markets observe biggest single day loss since 16th October, 2014, when it shed around 350 points. Shares of Realty, FMCG, Power, Metal, Consumer Durables, Banking, Capital Goods and Auto fell on heavy selling. The main cause for pinch was new norms for P-notes. Nifty on daily chart has formed a bearish Tweezer Top pattern, this pattern occurs during an uptrend when bulls take prices higher, often closing the day off near the highs. However on the next trading session, trader’s sentiment reverses completely. The market opens and goes directly down, often eliminating the entire gains of Day 1. This can be termed as bull trap as well as there was no prior indication on chart. The price action suggests bulls will take breather and bears may take charge from here on. For day trading important support for index stands at 8410 and 8350. On upside 8490 will act as resistance and next resistance at 8540.
Omaxe (BSE Code: 532880) plans to raise Rs 100 crore through private placement of debt securities in order to fund construction activities of its ongoing projects. The company's board will meet on December 2 to consider a proposal to raise funds through issue of debt securities on private placement. The stock may remain in focus in today’s trade.
L&T Construction and L&T Infotech, both subsidiaries of Larsen & Toubro (BSE Code: 500510), India’s largest engineering and construction major, have been selected for a surveillance project in Mumbai city. The companies, which quoted ₹950 crore, were the lowest bidders for the project. They will install about 6,000 closed circuit television (CCTV) cameras across the metro. The stock may remain in focus in today’s trade.
Financial Technologies (BSE Code: 526881) has entered into an agreement to sell its entire stake and warrants in MCX Stock Exchange for Rs 88 crore. It has inked an agreement with Rakesh Jhunjhunwala to sell 2,70,00,000 equity shares constituting 4.99% of the equity capital of the exchange. The stock may remain in focus in today’s trade.
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