Index Trend And Stocks In Action November 19, 2015

The two consecutive sessions of relief rally at the Indian equity markets ended on Wednesday tracked the weakness in global markets, as Europe traded lower after gun battles were reported in North Paris in a hunt for suspects related to the Paris terror attack on Saturday. The nifty index managed to breach its important support level of 7770 in the yesterday trading session, this suggest that momentum as shifted in the favour of bear’s. Now going forward immediate support for the index is placed around levels of 77700 and the major support is around 7640 levels. On the upside levels of 7820 will act as strong hurdle and if index manages to sustain above this level it can extended its up move upto levels of 7880. However, considering the current market action the bias considering the current market action the bias remains negative for the short term.

Aurobindo Pharma: Aurobindo Pharma will seek approval from its shareholders for an enabling resolution to raise up to USd 600 million (around Rs 3,974 crore) via issue of securities.

Suzlon Energy: Suzlon said that it has issued 1.55 crore equity shares on conversion of 4,000 bonds worth USD 546.91 million.

Glenmark Pharma, Sun Pharma and Cipla are among some 30 drugmakers exploring bids for a portfolio of US generic products Teva Pharmaceutical Industries Ltd.