Index Trends And Stocks In Action August 12, 2015

The Indian Equity Market continued its losing streak for the third successive trading session as a weak currency and negative sentiment led to a sell-off in the market. Technically, the index opened with a positive bias; however, this positive bias was short-lived as profit booking was seen in banking stocks due to muted earning performance by SBI. Now going forward index has strong support in the zone of 8410-8440, if bull’s fail to hold this level expect a decent correction which will take nifty up to levels of 8330. On the upside the level of 8510 will act as a stiff resistance for the index.  The daily RSI has slipped below 40-odd levels, which is indicating momentum is shifting in favor of bear’s.

Cox & Kings: Travel Company Cox & Kings plans to list its UK-based education travel subsidiary PGL and German hotel arm Meininger Shared Services GmBH in the next few years to unlock potential for shareholder.

Uttam Galva: Steel maker Posco Korea signed an agreement with Uttam Galva group to set up 3 million tonnes (mt) steel plant in Maharashtra. The Plant will be set up in two phases.

Titan Company: Tata Steel said it has sold 2.18 per cent of its stake in group firm Titan to Tata Sons for over Rs 637 crore, a move intended by the steel maker to monetise its non-core and listed assets.

Nestle: The government has demanded Rs 640 crore from Nestle in the country’s top consumer court for alleged misconducts by the company in the sale and marketing of Maggi noodles, which were banned in India after some tests identified the existence of unsafe ingredients.