Index Trends And Stocks In Action September 10, 2015

The Indian Markets continued to march higher for the second successive trading session, backed by optimistic global setup and short covering. The buying was seen across the board. However, Metal, Realty, Auto and Consumer durables stocks stood out.  Now going forward, the first major support for the index is around levels of 7760. A breach of this level could trigger a sell-off and the index is likely to correct up to levels of 7660. On the upside major resistance for the index stands at 7865, if it sustains above this level expect the index to scale higher up to levels of 7925 and then 8000. The Daily RSI has bounced from lower levels, however, it needs to sustain above 40 for fresh momentum.

BhartiAirtel: BhartiAirtel has entered into exclusive discussion with Malaysia’s Axiata Group Bhd to explore a possible merger of their respective telecom units in Bangladesh to create the second largest operator in Bangladesh.

Amet Auto: Debt laden Amet Auto is in advanced discussions with financial institutions to take a fresh loan and repay Rs 800 crore of bonds coming up for redemption on 20th September. The negotiations are still on regarding the tenure of these loans.

Nestle India: Nestle planning to start making Maggi noodles again in India as early as October, paving the way for the India’s favourite snack two minute Maggi to go back on sale by the December, 2015.

Reliance Communication: ADAG group led Rcom and MukeshAmbani’sReliance JioInfocomm are set to announce a pan-India spectrum sharing cum trading agreement as early as next week, which will give MukeshAmbani owned Jio more bandwidth options to offer 4G service across most parts of the country.