Index Trend And Stocks In Action December 07, 2015

The Indian market ended the Friday’s trading session on a dismal note tracking weak sentiment from the global market after the European Central Bank (ECB) stimulus package fell well short of market expectations.  On the daily time frame chart the Nifty index had formed “Three black crows candlesticks pattern” which is a bearish continuation pattern.  Now going forward Nifty has immediate supports placed at lower levels aroundthe 7765-7750 area which is defined by 78.6 per cent Fibonacci retracement levels of the previous up move (16 Nov to 02 Dec).  The major support for the index is placed around levels of 7700. If this support is breached, expect a quick sell-off in the market. On the upside level of 7820 will act as a stiff resistance for the index.

Shemaroo Entertainment: Film content and entertainment business provider Shemaroo Entertainment plans to launch its movie premiere service 'Miniplex' on cable and online after partnering with two DTH players.

Essar Oil: India's second biggest non-state oil refiner issued a public notice to delist the company from local bourses by buying out the non-promoter shareholding of 28.54% at Rs 146.05 per share.

GMR Infrastructure: Prem Watsa-controlled Fairfax Financial Holdings and Singapore's Changi Airports International are in talks with GMR Group to invest around Rs 3,200 crore to pick up a 30% stake in the latter's airport business as the Indian infrastructure developer plans to cut debt and consolidate operations.