Index Trend and Stocks in action October 27, 2015
Chirag Gothi / 27 Oct 2015
The Indian benchmark indices opened on an optimistic note tracking upbeat cues from the global market. However, the control of bulls contracted as the day progressed due to heavy selling in the index heavyweights, which dragged indices below its important psychological level of 8300.
The Indian benchmark indices opened on an optimistic note tracking upbeat cues from the global market. However, the control of bulls contracted as the day progressed due to heavy selling in the index heavyweights like Bharti, Reliance and Asian Paints, which dragged indices below its important psychological level of 8300. On the daily chart the index has formed a Bearish Engulfing Candlestick patter, which suggests bears are coming back into the power. Currently, the nifty index is resting around its 200-day EMA level, which suggests still the trend, is still in favour of the bulls. The level of 8180 is an important support for the index and a decisive breach of this support will lead to panic selling up to levels of 8100-8065. On the upside major resistance is placed around 8350-8365 levels.
BhartiAirtel: The telecom operator is planning to spend an additional USD 200-400 million in capex for India on 3G and 4G sites in this fiscal year to March, 2016 this was said company’s top official.
HDFC: The life insurance subsidiary of the HDFC Group, HDFC life, is likely to go for public listing in mid-2016. That will make it the first private insurance company to come out with an IPO. The IPO is likely to happen only after Standard Life hikes its stake in HDFC Life from 26 per cent to 35 per cent.
Indiabulls Housing Finance: The Company will offer special attractive festive home loan rates at 9.55 per cent, a 10 basis point discount to its existing rate of 9.65 per cent. With the reduction in rate of interest, customers can now avail home loan with EMIs starting at Rs 845 per lakh. Additionally, the company will not charge any processing fee with an offer called ‘Zero processing Fee’ for affordable housing segment of loans up to Rs 28 lakh.
Crompton Greaves: Crompton Greaves is selling its power systems business in Canada to PTI holdings corporation for Candaian dollar 20 million.
Nestle: Swiss packaged food market Nestle has started producing Maggi Noodles at three of its five plants at Nanjangud (Karnataka), Moga (Punjab) and Bicholim (Goa). The product will have to undergo fresh round of tests to comply with the Bombay high court order before it hits the market.
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