Index Trend And Stocks In Action November 24, 2015

The Indian market ended the volatile day with marginal losses as investors and traders remained nervous ahead of expiry of the November derivative contracts due on Thursday. On the daily chart the index has formed a tweezers bottom around levels of 7817-7825. Now going forward if the index manages to sustain below levels of 7810, it will open up for correction up to levels of 7770 and 7735. On the upside index the levels of 7890 will act as a stiff resistance for the index. If the index manages to sustain above levels of 7890 expect it to touch levels of 7940-8000. The daily momentum oscillator like 14 periods RSI has recovered smartly from the oversold region and is no quoting around 42.

Gammon India: Bankers led by ICICI Bank have decided to initiate Strategic Debt Restructuring for Gammon India wherein lenders would acquire controlling stake of 51 per cent equity stake in the construction and engineering company.

MAX India: UK insurer Bupa has picked up an additional 23 per cent stake in its health insurance joint venture with Max India for Rs 191 crore in an all cash transaction. Statement has been issued by Max Bupa Health Insurance stating its foreign parent Bupa has executed agreement to increase its stake from 26 per cent to 49 per cent.

Pfizer: The biggest deal ever in the history of healthcare sector wherein Pfizer Inc will become Pfizer plc. Pharma giant Pfizer announced it has struck deal with Irish drug maker Allergan for roughly $ 160 billion as a part of a merger that would create one of the largest pharmacompany.

Wockhardt: India’s drug pricing regulator National Pharmaceutical Pricing Authority (NPPA) has exempted drug maker Wockhardt’s three insulin products from price controls for five years, with effect from January 8, 2015.

Lanco Infratech: Lanco solar arm of Lanco Infratech, inked pact with Chhattisgardh to set up 100 MW solar cell manufacturing plant.