Index Trend And Stocks In Action December 23, 2015

The Indian markets opened on a flat note and slipped into red territory in the early part of the trading session. However, later on it saw some recovery, but it failed to sustain at higher levels and slipped into sharp intraday decline towards the end. On the daily time frame chart the index has formed a ‘Bearish Tweezer Top Pattern’ which is a bearish reversal pattern. Now going forward the level of 7750 will act as a crucial support for the index and below this level index is likely to test 7700. On the higher side for fresh momentum index needs to sustain above levels of 7855.

Canara Bank: State-owned Canara Bank has informed that it has planned to raise Rs 2,400 crore from bonds to fund business growth. It has received ‘IND AAA’ rating with stable outlook to the proposed Tier-II bond issuance programme.

Yes Bank: Private sector lender Yes Bank announced three senior level appointments including a new chief operating officer, to push up its retail banking operations. While Padhmanabhan Kumar will be the new chief operating official and senior group president, operations and service delivery, NeerajDhawan will be the new group president and chief risk officer for retail & business banking and RajanPental will be the new group head for retail lending.

Tata Steel: One of the worlds’ pioneering steel companies; Tata Steel is in talks to sell its struggling UK-based unit to investment firm Greybull Capital.

Alkem Laboratories and Dr LalPathLabs: Drug maker Alkem Laboratories and diagnostics chain Dr Lal Path Labs will debut on the domestic stock exchanges today.

ONGC: The Cabinets Committee on Economic Affairs (CCEA) gave its approval for investment of Rs 5,000 crore by the public sector ONGC in the equity share capital to its wholly subsidiary ONGC Videsh Ltd (OVL) by conversion of the current loan of equivalent amount into equity.