Index Trends And Stocks In Action December 03, 2014

The Indian markets extended its losing streak for second day in row, with investors reacting to the RBI decision to leave its policy rates unchanged. IT, Oil & gas and Automobiles stocks declined in yesterday’s session on back of hike in excise duty on petrol and diesel. Nifty continues to consolidate after a strong move on Friday. The gap which was created on 28th November, 2014 in range of 8505-8516 has been filled completely in Tuesday’s trading session. Now going forward the bulls needs to defend the level of 8450-8430 to maintain sequence of higher top higher bottom pattern. If it fails to hold these supports expect correction up to levels of 8350. On upside 8550 will act as a strong resistance and next resistance around levels of 8610.

Omaxe (BSE Code: 532880) has approved the issuance of non-convertible redeemable debentures, or other debt instruments, amounting to Rs 500 crore in one or more tranches. The company will set up a committee and delegate powers to it for use in this regard.

Indo Asia Finance (BSE Code: 530747) has approved an issue of equity shares on preferential basis for an aggregate amount of Rs 6 crore. The price at which the shares to be allotted will be determined according to a SEBI formula. The preferential allotment will be subject to the approval of shareholders.