Index Trends And Stocks In Action December 11, 2014

The Indian markets ended with modest gains on Wednesday, snapping its losing streak after a highly choppy session. Banking, Power and Consumer durables stocks moved higher. Capital goods stocks ended on negative note. Broader market outperformed the benchmark indices. Technically, nifty index moved in line with our expectation. Nifty is trading near lower end of the Bollinger band and at the same point it has formed a bullish reversal candlestick pattern. RSI is holding its important support level of 40-odd. Therefore we expect this pullback rally will continue. For day trading important support for index will be 8310 and 8280. On upside 8390 will act as a resistance level.

The Securities Appellate Tribunal (SAT) on Wednesday rejected the intervention plea of Kimshuk Sinha the main complainant in a case where the SEBI barred DLF (BSE Code: 532868) and its top executives from accessing the capital markets for three years. Sinha who wanted to be a party to the case will now have four weeks to appeal against the SAT order rejecting his plea. SAT said it will now hear a petition by India’s largest property developer seeking interim relief from a 13 October Sebi order on 11 December (Today).

Essar Oil (BSE Code: 500134) may sign a 10-year deal on today to import crude oil from Russia as President Vladimir Putin pushes to deepen energy ties with India to counter to US sanctions.