Index Trend And Stocks In Action December 14, 2015

After witnessing a strong rally on Thursday, the Indian benchmark indices resumed its northward journey as once again the bears took the charge. On the daily chart the index has formed a ‘Bearish Engulfing’ Candlestick pattern, which indicates sellers out powered the buyers. Despite several attempts the index has not managed to close above its resistance level of 7720. The index is now headed towards its 52-week low of 7539, which would now act as a strong support level. However, if this support is breached will volumes we expect the index to slide further up to levels of 7440-7400. On the upside zone of 7700-7720 will act as a stiff resistance for the bulls. The Daily momentum oscillator RSI is showing positive divergence, which suggests that we may witness a pullback rally.

Hotel Leela Venture: The competition commission of India (CCI) has given approval for acquisition of Hotel Leela Venture’s Goa property by Malaysia-based MetTube.

Indian Oil Corporation: IOC is reportedly planning to invest Rs 1.75 lakh crore over the next seven years on expanding refinery capacity, building petrochemical plants and laying pipelines.

Cairn India: Cairn India has approached the Delhi High Court seeking early government decisions on renewing its production sharing contract (PSC) for its prolific Rajasthan block and a fair price for its output.

Sun Pharma: Billionaire DilipShanghvi-controlled Sun Pharmaceuticals Industries is hitting the domestic bond market through its arm Sun Laboratories to raise up to Rs 1,000 crore to fund an internal restructuring.

Kalyani Forge: The Pune-based Kalyani Forge, which is into manufacturing of precision forged and machined components, plans to double turnover to Rs 500 crore in the next 2-3 years by entering a new product range and expansion.