Index Trend And Stocks In Action December 02, 2015

After opening marginal higher the Nifty index traded choppy throughout the session and finally ended the day with gains of 19.65 points at 7954.90 levels. The Metal stocks were top gainers amongst the sectorial indices; on the other hand Auto stocks were under pressure. The Nifty Index after yesterday’s marginal gain is still trading within the rising channel. On the daily chart the index has formed yet another “Doji Candlestick” which indicates indecision and tug of war between the bulls and bears. However, the higher top and higher bottom formation formed from 24^th November, 2015 suggests that the bulls have an upper hand. The level of 7920 holds the key for the bulls, once this support is breached, expect a sell-off up to levels of 7880 and this sequence of higher top and higher bottom will be nullified. On the higher side the level of 7980 will act as a stiff resistance for the bulls and if manages to sustain above this level expect a re-test of 8035 levels.

Havells / Bajaj Eletricals / Surya Roshni: Ministry of New and Renewable Energy has decided to stop the subsidy on CFL-based solar lighting system so as to encourage the use of the LED version.

Steel Strips Wheels: A leading manufacturer of automotive steel wheels has secured an order from Tata Motors-owned Jaguar Land Rover (JLR). As part of the deal, SSWL will supply its products to JLR's UK and one more European facility.

TV Today Network: RBI has allowed foreign investors to invest up to 26% in TV Today Network. As per data available on BSE, foreign investors held 0.02% in TV Today Network as on September 30.