Index Trends And Stocks In Action April 10, 2015

Indian benchmark opened on positive note after global rating agency Moody’s raised India’s rating to ‘Positive’ from ‘Stable’. Reliance Industries and other heavyweights like Kotak Bank, SBI helped the bulls to shut down with smart gains. The end of the day action has formed a positive candle with reasonable volumes. Now going forward resistance for index is placed round levels of 8800 and next resistance is around level of 8860. On downside level of 8720 is important support and next support around level of 8640. As long as nifty trades above 8640 the medium term trend for nifty will in favor of bulls.

Aurobindo Pharmaceuticals said that Mumbai-based Plethico Pharmaceuticals had agreed to pay USD 23.3 million in order to settle financial fraud accusations made by Aurobindo Pharma’s U.S subsidiary, Aurobindo Pharma, USA.

Zuari group will launch open offer on April 20^th to raise stake in Manglore Chemicals and Fertilisers (MFCL). The offer is being launched after an approval from fair trade watchdog competition commission for acquiring up to 36.56% stake in MCFL for Rs 398.2 Crore.

Leading stock exchange BSE said it will drop ING Vysya Bank from BSE 200 and BSE 500 indices from April 16^th. The exclusion is on account of ING Vysya Bank merger with Kotak Mahindra Bank. The stock will be discontinued from trading on the EX-date.