Index Trend And Stocks In Action December 01, 2015

Indian market ended the Monday’s session flat, as investors and traders remained on the sidelines ahead of the Reserve Bank of India’s fifth bi-monthly monetary policy review. On the daily charts the Nifty Index has formed a “DOJI Candlestick” which means there was a tug of war between buyers and sellers. Now going forward immediate support for the index is placed around levels of 7906 which is defined by 21-day SMA and if index breach this support decisively next important support is likely around levels of 7870. On the other hand the resistance for the index would be around8020 levels, which is projected by 50% Fibonacci retracement levels of previous down move. If the index sustains above this level expect it to touch levels of 8080.

IOC, BPCL & HPCL: IOC has announced that it has reduced Petrol Prices by 58 paisa per litre and Diesel prices by 25p/l with effect from Monday midnight.  State-owned fuel retailers- IOC, BPCL and HPCL revise petrol and diesel prices on 1^st and 16^th of every month.

Bharti Airtel: Bharti Airtel India’s biggest telecommunications carrier, will invest Rs 60,000 crore over three years to upgrade its network, as competition heats up in the world’s second –biggest mobile phone market. This is in addition to the Rs 160,000 that Airtel has already invested in active and passive networks, spectrum, fibre and submarine cables.

MMTC: State-owned trading firm MMTC said it will invest about Rs 6,000 crore to double the capacity of NeelachalIspat Nigam (NINL) in the next four years.

Natco Pharma: Drug firm Natco Pharma said it has received shareholder’s approval for amalgamation of its subsidiary Natco Organics into the company.

Emami Paper Mills: The Company is reportedly planning to invest an additional Rs 1,000 crore in the next three years in order to double its capacity at Balasore plant.