Index Trend And Stocks In Action December 17, 2015

The Indian markets extend their winning streak for the third day in a row with a handsome gain of over half a per cent on the back of positive cues from the global market.  The index has managed to clear its stiff resistance level of 7730. On the daily chart the index has formed “Advance Block” pattern. Currently, the index has retraced about 50 per cent of the previous fall from the swing high of 7979 to 7551 levels. Now going forward index will face stiff resistance around levels of 7815-20 as it is the 61.8 per cent retracement of the previous fall from the swing high of 7979 to 7551. On the downside level of 7710 would act as a strong support for the index and if this support is breached its likely to re-test levels of 7650.

Pipavav Defence: ADAG led Reliance Infrastructure has acquired an additional 17 per cent stake in Pipava Defence for sum of Rs 850 crore. This takes the company’s total shareholding in Pipava to 35 per cent.

PFC: State-owned Power Finance Corporation has announced an interim dividend of Rs 8.80 per share for 2015-2016, which will help the government to fetch Rs 787.53. Currently, the government holds a 67.8 per cent stake in the PSU.

Canara Bank: Canbank Venture Capital Fund, the private equity investment arm of PSU bank Canara Bank, is all set to launch its sixth fund soon. The company has submitted an application to the regulator, Securities and Exchange Board of India (SEBI) for its nod to raise Rs 630 crore from a group of PSU financial institutions.

Golden Tobacco: Leading tobacco related product provider Golden Tobacco has informed that it has been issued an Rs 121.55 crore demand notice by the central excise department, which the company is contesting.

Reliance & ONGC: The Oil ministry has tasked 20th law Commission chairman Justice (retd) A P Shah to scrutinize an oilfield consultant’s report on state-run ONGC’s charge of private sector Reliance Industries tapping gas from its adjoining block of the Andhra coast.