Index Trend And Stocks In Action December 11, 2015

The Indian market after six consecutive sessions of downfall rebounded to end higher amid value buying and short covering in the index heavyweights led by Reliance Industries. On the daily chart the index has formed a Bullish Harami candlestick pattern, which indicates that the power of bears is diminishing. On the daily chart, we have observedthe formation of ‘tweezer bottom’ pattern. Now going forward levels of 7600 will act as a strong support zone for the index. On the upside level of 7735 will act as a stiff resistance.

Titan Company and Shilpa Medicare: RBI has allowed Titan Company and Shilpa Medicare to raise investment limit for foreign participants to 35 per cent and 30 per cent, respectively.

Texmaco Rail: Texmaco Rail & Engineering announced that the consortium with Hitachi Japan, Mitsui & Co. and Hitachi India has won a contract for the design and construction of signal and telecom works. The sector covered by the contract, which is worth a total approximately 28 billion yen (Rs 1800 crore) , will cover the 915 km distance between Rewari in the State of Haryana and Vadodara in the State of Gujarat. This is the biggest order ever placed in India for Japanese signalling equipment.

NBCC: State-owned NBCC has bagged a contract worth Rs 188 crore from the Indian Culinary Institute Society.