Index Trend And Stocks In Action December 21, 2015

The Indian markets ended its winning streak as Friday’s trading session turned out to be a nightmare for the bull as indices tanked more than 1 per cent on the back of jittery global cues. On the daily chart the index managed to fill the down side gap which was created on the 4^th December, 2015.  After gap fill process the index has formed a Bearish candlestick and it has slipped below its 50 per cent retracement level of the previous downfall from the swing high levels of 7979 to 7551. Now going forward the level of 7715 is a crucial support for the index and if this support level is breached expects it to test levels of 7650 on the downside. On the upside levels of 7835 will act as a stiff resistance for the bulls. The daily momentum oscillator RSI is signalling signs of exhaustion after peaking around levels of 52.

Sun Pharma: India's largest drug maker Sun Pharma has received a warning letter from the US FDA for manufacturing lapses at its facility in Halol. The site is among the largest for Sun Pharma, and important for the company as it is used for producing multiple formulations, including injectables, which are mainly exported to the US, its largest market.

MBL Infrastructures: MBL bags project worth Rs 414.75 crore. It has been awarded the Project of 'Rehabilitation and upgradation' from Jabalpur to Hiran River Section of NH-12 (New NH No. 45) to four -lanes with payed shoulders configuration from km. 10.400 to km. 66.000 (design length 55.600 kms) in the state of Madhya Pradesh under NHDP- Ill through EPC Basis Contract for the contract price of Rs 414.75 crore from Ministry of Road Transport & Highways.

IDBI Bank: IDBI Bank plans to divest 20 percent in its life insurance JV with Ageas for Rs 800 crore.