Index Trend and Stocks in action October 14, 2015

Indian Markets opened on flat to negative note on the back of subdued global cues and thereafter slipped lower in the mid afternoon session, however, buying emerged in the last hour of trade and the Nifty index ended the session with minor losses. On the daily chart the index has formed a small body candle with small upper and lower shadow which is indicating buying interest at lower levels. Now going forward the index must sustain decisively above the level of 8250 for signalling continuation of the upswing. The level of 8190 is the immediate resistance and if it manages to sustain above this level expect retest of 8250. The level of 8065 is an important support for the index, if it fails to hold this level expects a sharp sell-off, which is likely to take index up to levels of 7960-7920. The short term trend of Nifty continues to be sideways and as long as it holds its support level of 8065 it’s a buy on declines.

Sun Pharmaceuticals: Sun Pharmaceuticals US subsidiary Taro has acquired Canada’s Zalicus Pharmaceuticals which develops pain management drug candidate coded Z944. Taro made cash payment of $3.8 million in addition to issuing a non-interest bearing, limited recourse promissory note of an equal amount with a maturity date of 1st July, 2107.

Yes Bank: Mid-sized private sector lender Yes Bank has been included into the Dow Jones Sustainability indices, making it the only Indian bank to get into the index. 

Maurti Suzuki: Car maker Maruti Suzuki announced commencement of pre-launch booking for its premium compact car Baleno, which is expected to be out by the end of this month. 

Bank of Baroda: Authorities have arrested Six persons including two employees of state-run Bank of Baroda in the case involving alleged laundering of black money to the tune of Rs 6000 crore at a branch of Bank of Baroda.