Index Trends And Stocks In Action August 28, 2015

The Indian Benchmark Indices started the day on a cheerful note and continued this positive trend throughout the trading session on the back of hectic buying activity coupled with robust global cues. The nifty index formed a bullish candlestick pattern, which suggests bulls are gaining some momentum. The zone of 7950-7980 has been very crucial level for the index. As earlier, it acted as a strong support and the index has witnessed strong up-move from these levels in past 4-5 months. But this important support zone was pierced on 24^th August, 2015 with high volumes and marked a big gap which is unfilled. Now going forward if nifty manages to scale above 7980, it’s likely to fill the unfilled gap which was created on the 24^th August. On the downside 7910 is an important support for the index.

Lupin: Lupin has received an approval from the US Food and Drug Administration to sell generic version of gastric ulcer drug Prilosec Delayed-Release capsules. Lupin said Prilosec had sales of USD 185 million (about Rs 1,220 crore) in the US for the 12-month period ended June. The approval is Lupin’s third from the US in the last five days.

Tube Investments: Tube Investments of India has signed a License Agreement with Ridley Bikes Belgium on August 27, 2015 to acquire the Brand rights/Licence for the brand "Ridley" for India, Sri Lanka, Bangladesh, Nepal, Bhutan and Myanmar for a period of 33 years.

ONGC: State-owned Oil and Natural Gas Corp said it has received a one-year extension to explore in a Vietnam oil block in the contested waters of the South China Sea.