Index Trends And Stocks In Action August 21, 2015

After moving in a tight range of 80-100 points in the last three sessions, the Indian Benchmark Indices saw a sharp sell-off. Sentiments took a hit after the Indian currency breached past the Rs 65.50 against the US Dollar. The sharp crack in the Chinese market and uncertainty around the timing of the US Fed hike were another cause of worries for the investors and traders. Now going forward the zone of 8300-8330 is a very crucial support or you we can term this zone as the make or break point for the index. The 200-day EMA for the Nifty index is placed around level of 8350 and past one month nifty not once but thrice has move reversed from this support zone. If the index breaches this support zone, we could see a revisit of levels of 8180 and 8000 in short-medium term. On the upside the level 8430 will act as a strong resistance zone for the index. The daily momentum oscillator like 14 period RSI is hovering near the levels of 38. As long as RSI holds level of 30 this has proven to act a good support, hopes of pullback rally will be on.

SpiceJet and Jet Airways: On the back of a steep fall in the jet fuel price, SpiceJet and Jet Airways on Thursday launched a three-day flash sale, offering tickets for as low as Rs 799 on the domestic routes. Jet fuel prices have fallen by more than 25% during the last 10 months, which has led to many airline reporting profits for the quarter that ended on June 30. SpiceJet’s three day sale (between August 20 and 25) covers the travel period between August 25 and March 26.

MMTC: India's biggest trading company MMTC issued a tender on Thursday seeking overseas buyers for iron ore from Goa state, marked its entry into the low-grade ore business as mining picks up in the country. The company is looking at low grades due the benefit of the lower duty. India in April cut the duty on exports of ore containing less than 57 per cent iron to 10 per cent from 30 per cent. The duty on higher grades stays at 30 per cent. MMTC's interest will widen the buyer base for companies such as Vedanta), India's biggest private iron ore miner which restarted its Goa operations last week.

ITD Cementation India: ITD Cementation India shares are likely to trade in the range of Rs 80-90 on Friday, as it turns ex-split. It has fixed August 24 as the record date for the purpose of ascertaining the eligible shareholders to receive split shares. The company proposes to subdivide the face value of the shares from Rs 10 to Rs 1. A little over 10,000 retail shareholders hold 11.67 per cent stake in the construction major. Besides, about eight mutual funds have sizeable holdings in the company.