Index Trends And Stocks In Action June 17, 2015

The Indian equity markets extended its winning streak for the third successive trading session as a late recovery in banking stocks lifted the index and closed near day’s high. Technically, the index opened flattish and trend remained in favor of bear’s. However, buying in banking and select heavyweights helped the index to close above 8000 mark. Now going forward the level of 8065 is a strong barrier for the index. If it manages to sustain above this level expect retest of the 8180-8225 level. On the downside the level of 7970 is major support for the index. The level of 7920-7930 which is an upside gap formed on 22^nd October a crucial support for the index.

Nestle: Nestle land in fresh trouble as weevils and fungus have been found in a pack of Cerelac baby cereal on Coimbatore in Tamil Nadu. The contaminants were found in a container of Cerelac, following which the samples were sent to food safety authorities for testing, the result of which is expected in one week time.

HDFC Bank: HDFC Bank, the country’s second-largest private sector bank, has cut its base rate by 15 basis points (bps) to 9.70 percent. The new rates came into effect on Monday. Base rate is the benchmark rate to which all loan rates are linked.

Cairn and Vedanta: Seeking to gather support of minority shareholder LIC to proposed Cairn-Vendata merger, Cairn India officials today met top brass of insurance major and are understood to have allay concerns over valuation and debt.