Index Trend And Stocks In Action December 10, 2015

The Indian market corrected for sixth straight day on the back of disruption in the parliament for the second day by the opposition Congress party over the National Herald case raised concerns whether the GST bill would be passed in the on-going winter session. On the daily chart the index has formed a long bearish candle, which has breached the neckline of “Head and Shoulder” pattern. This indicates seller were more aggressive. Now going forward important support for the index is placed around levels of 7550 and 7500. On the upside the levels of 7670 will act as a strong resistance. The daily momentum oscillator like 14 day RSI has formed a positive divergence, which suggests a pullback rally in offing. 

Tata Motors: Tata Motors reported eight per cent increase in its global sales, including that of Jaguar Land Rover (JLR) vehicles at 90,695 units in November.

SBI: State Bank of India country’s largest lender has initiated a process to sell its stake in the National Stock Exchange, where it owns around 15 per cent.

Aurobindo Pharma: Drug firm Aurobindo Pharma has received final approval from the US Food and Drug Administration (FDA) to manufacture and market its oral contraceptive levonorgestrel tablets.

Realty stocks: Realty stocks will be in limelight today as the Union Cabinet has approved 20 major amendments to real estate regulatory bill that seeks to protect home buyers as well as help investments in the real estate industry grown.

Vedanta: Work on a Rs 8,000-crore, 1,800-megawatt thermal power project that a Vedanta group company is developing in Punjab is in limbo, with its developer and Chinese construction contractor getting into a legal dispute.