Index Trend And Stocks In Action December 15, 2015

After a gap down, opening the Indian equity market staged a smart recovery as investors and traders indulged in buying activity mainly in the Information Technology, Metal and Healthcare stocks. The Nifty index has managed to hold on to its key support level of 7539 and hence indicating a probable double bottom pattern, with a positive divergence on the momentum oscillator RSI. Now going forward the level of 7539 will act as a strong support and as long as the index trades above this level dip should be used to enter a long position. However, breach of this support level of 7359, will result in fresh breakdown in the index and the index is then likely to touch lower levels of 7440-7400. On the upside the range of 7700-7730 will act as a strong resistance zone for the bulls.

Suzlon Energy: Wind turbine maker Suzlon Energy said it will allot over 3.58 lakh shares to bondholders upon conversion of some bonds due in July, 2019.

Tata Motors: Tata Motors said it will hike price of its entire passenger vehicle model range by up to Rs 20,000 from January, 2016.

Sun Pharma: India’s largest drug maker Sun Pharmaceuticals has sold its Bryan unit in Ohio to Nostrum laboratories as part of its consolidation of manufacturing units in the United States.

Tech Mahindra: Tech Mahindra, the software services arm of conglomerate Mahindra & Mahindra, has entered into an agreement with PincarSrL to acquire a controlling stake in iconic Italian automotive design firm Pininfarina, which has designed cars for Ferrari, Maserati, Rolls-Royce and Cadillac.

Tata Steel: The steel major said it has launched two new innovative products, offering a complete range of structural steel product to its vast customer base.