Index Trends And Stocks In Action December 15, 2014

The Indian markets started the day on flat note and began to weaken as the day progressed. The broader market also cracked sharply towards the close. Technically, the nifty index nearing our short term target of 8170 which we mentioned in our last write up. Now going forward important support for index is place around levels of 8120-8150. RSI has entered into oversold zone and is approaching to previous bottom level around 22-25. Pullback rally cannot be ruled from this important support level. On upside index will face resistance around level of 8280 and 8330.

Biocon (BSE Code: 533106) plans to set up a manufacturing facility in Visakhapatnam within six months besides opening e-healthcare units in the rural areas of the state. Under this PPP, Biocon Foundation and the Andhra Pradesh government will set up an electronic diagnostic facility, an e-health centre, managed by local young entrepreneurs at all the primary health centres (PHC) of the state.

Oil India (BSE Code: 533106) has signed contract for two offshore oil and gas blocks it had bagged in Myanmar. OIL is the operator with 60% interest in both the blocks. Other consortium partners are Mercator Petroleum (25%), Oilmax Energy (10%), and Oil Star Management Services Co (a local company of Myanmar with 5% stake).

Coal India (BSE Code: 533278), ONGC (BSE Code: 500312) divestment deferred until January as markets losing steam in the past few days and key global financial markets headed for year-end holidays.