Index Trends And Stocks In Action August 17, 2015

The Indian Equity Market continued its up-move for the second successive trading session on the back of strong buying in heavyweights and the broader market. On the daily chart the index formed a strong bullish candlestick pattern; this suggests that the bulls are gaining momentum. Now going forward strong barrier for the index stands at 8615, if manages to sustain above this level its likely to touch levels of 8665. On the downside the level of 8450 is a crucial support zone for the index. If this support is breached than next major support is around levels of 8330. The daily RSI is hovering around levels of 60 and if manages to surge above levels of 72-75, we could see a fresh momentum in the market.

HDFC: Private lender HDFC said it will sell 9 per cent stake in HDFC Life to British Joint venture partner Standard Life for a little over Rs 1,700 crore. The British firm would be increasing its stake to 35 per cent from 26 per cent as the Indian government has allowed up to 46 per cent FDI in the domestic insurance sector.

Nitin Fire: The Angry young man of the Bollywood has bought 15 lakh shares of Nitin Fire protection leading fire protection engineering and solutions provider for Rs 42.99 per share, according to disclosures made under bulk deal on NSE.

Tata Motors: Tata Motors reported 8.25 per cent decline in global sales, including that of Jaguar Land Rover, at 73,535 units in the month of July. It has sold 80,151 units last year in the month of July.

PSU Banks: On the eve of the 69^th Independence Day Celebration, the government of India announced the revamp package for the PSU Banks.  In a way the Rs 20,000 crore packages for this year is part of the Rs 70,000 crore that banks will get in 3 years to recapitalize their balance sheet.  Banks which are likely to benefit include names like SBI, BOI, PNB, Canara Bank, IOB, Union Bank, Corporation Bank, Andhra Bank, Bank of Maharashtra, Allahabad Bank and Dena Bank.