Index Trends And Stocks In Action January 12, 2015
Chirag Gothi / 12 Jan 2015
The Indian market witnessed high volatility on Friday, after remaining firm until mid-morning trade a hasty fall took indices into the red territory. However IT major and index heavyweight Infosys led a bounce back in indices after the company reported better-than expected Q3 December, 2014 results.
The Indian market witnessed high volatility on Friday, after remaining firm until mid-morning trade a hasty fall took indices into the red territory. However IT major and index heavyweight Infosys led a bounce back in indices after the company reported better-than expected Q3 December, 2014 results. The broader market however ended on flat note. Technically, index formed a long legged doji on daily chart. This candlestick pattern is a significant bearish reversal signal but affirmation of pattern would be available only if index break’s Friday low of 8190. Now going forward two key levels to watch out for is 8190 on downside and 8405 on higher end. If Nifty sustains above 8405, than expect index to start fresh upward wave which will help index to retest level of 8455-8530 in short term. On other hand if index breach important support of 8190, than expect index to enter into correction phase. On downside index has major support around levels of 8130-8065.
Most of the Asian markets opened on a positive note however SGX Nifty opened up with a neative bais. We expect the Indian Markets to open negative and remain flatish.
The board of directors of Kansai Nerolac Paints (BSE Code: 500165) will meet on January 30 to consider a proposal for sub-division of face value of shares. The board will also consider the unaudited financial results for the quarter ended December 31, 2014.