Index Trend And Stocks In Action December 24, 2015

The Indian markets after a dismal performance in the last trading session, managed to pull through a magnificent performance by registering gains of over 1 per cent led by buying in the index heavyweights. On the daily chart the index has managed to close above its important resistance of the downside gap of 4th December, 2015 which was formed around 7853 levels. The 14-day RSI which is a momentum oscillator has managed to sustain above 50 odd levels, this is a positive takeaway and this suggests momentum is in favour of the bulls. Now going forward index is likely to scale up to levels of 7890 and if it stays above this level expect it to test levels of 7945 which is 50 per cent retracement of the previous downfall from the swing high of 8336 to 7551. On the other hand, levels of 7800-7810 is the important support and a decisive breach of this region will be bearish and lead to test of lower support area of 7750-7770.

Idea Cellular: Aditya Birla Group Company Idea cellular launched high speed fourth generation (4G) mobile phone services across the southern part of the country, beating the long awaited debut of rival Reliance Jio. Idea in an official communique said a handful of major towns were covered immediately, but all towns and cities in Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and Telagana would be covered by March 2016.

Blue Star: Air-conditioner maker Blue Star has received approval from fair trade regulator CCI for merger of Blue start InfoTech and Blue start InfoTech Business Intelligence & Analytics with the company itself.

DLF: India’s premier real estate company DLF has received Rs 1,992 crore from Singapore’s sovereign wealth fund GIC, thereby completing the deal to sell 50 per cent stake each in to upcoming projects in the national capital.

V-mart Retail: The Reserve Bank of India has allowed foreign institutions to invest up to 49 per cent stake in V-Mart Retail. As of quarter ended September, 2015 FIIs held 23.09 per cent in the company.

Kalpataru Power Transmission: Kalpatatru Power Transmission, a leading global EPC player in the power and infrastructure space has bagged new orders worth approximately Rs 13.95 billion. The company has secured orders for turnkey transmission line project in Tamilnadu and Telangana for approximately Rs 7.70 billion and Rs 4.37 billion from Tamilnadu Transmission Corporation and Transmission Corporation of Telangana respectively.

Tree house Education: Pre-school chain Tree house education has said it would merge with Zee learn. In a statement to the stock exchanges, the two entities said since they are both engaged in pre-school activities, they have decided to consolidate and merge. Tree house shareholders will receive 53 full paid equity shares of Rs 1 each of Zee learn for every 10 full paid up equity shares of Rs 10 of the former.