Index Trend and Stocks in action October 28, 2015

The Indian benchmark indices after a negative opening, the market never looked in recovery mood and extend the northward journey for the second day in a row. Traders and investors remained cautious ahead of F&O expiry on Thursday and Fed Policy meet. On the daily chart the index has formed a doji candlestick pattern, which indicates indecisiveness between buyers and seller. Now going forward immediate support for the index is around 8200-8190 and as long as this region holds in decline, the markets are likely to see a pullback. On the higher side 8290 and 8350 are strong resistance for the markets.  We expect markets to be highly volatile in the coming session and it’s important to trade with strict stop loss.

IDBI Bank: The Government is planning to lower its stake in IDBI Bank announced by JayantSinha Minister of State for Finance.

REI Agro: CBI registered a case against REI Agro on the basis of complaint by a group of bankers. A group led by UCO Bank has said the company had defrauded the banks of Rs 3,815 crore since 2013.

Opto Circuits: Medical devices firm Opto Circuits said its step-down subsidiary in the US has filed for bankruptcy to facilitate debt restructuring. The step-down subsidiary name is Cardiac Science Corporation, USA.

Bajaj auto: Motorcycle maker Bajaj Auto launched three new motorcycle brands- Avenger 220 (Cruise and Street) and Avenger 150 street. They will be manufactured at the company’s Chakan Unit near Pune.