Index Trends And Stocks In Action August 10, 2015

Indian Equity Market continued to trade in tight range for the third consecutive trading session and ended with marginal losses on Friday. Power, Metal and Banking stocks saw heavy profit booking. On the other hand Oil & Gas stocks provided some support to the market. On the daily chart the index has formed a small bearish candlestick along with reasonable volumes. Nifty after forming a doji as on 6^th August, 2015 has followed it by a small body bearish candlestick, suggests bears are gaining strength. Now going forward important support for the index stands at 8540 and next major support is around levels of 8480. On the upside the level of 8610 will continue to be strong barrier for the bulls and next resistance stands at 8660. The Daily RSI is hovering around the level of 47 and formed a lower top lower bottom; this indicator is in favor of the bears. We expect the market to trade sideways.

JK Tyres: India’s third-largest tyre maker JK Tyre & Industries is set to buy the Uttarakhand tyre unit of BK Birla Flagship Kesoram Industries for an enterprise valuation of Rs 2,000-2,200 crore.

Sasken Communication Technologies: The Rs 108 crore buyback offer from Sasken Communication will start from 10^th August, 2015. The buyback proposal will be through tender offer route. The offer will close on 24^th August, 2015. The company has decided to buy-back 41.57 lakh equity shares, representing 19.48 per cent of total paid up equity share capital of the company at a price of Rs 260 per share. 

NMDC: Country’s top iron ore miner NMDC may soon secure 3,000 acre land in Jharkhand’s West Singhbhum district for its proposed 6 million tonne steel plant.

MRPL: MRPL has initiated its downward integration by amalgamation with ONGC Mangalore Petrochemicals (OMPL). The amalgamation will ensure optimal utilization of resources which will lead to improvement in overall working culture and environment.