Index Trend And Stocks In Action December 29, 2015
Chirag Gothi / 29 Dec 2015
Indian equity markets started the last week of 2015 in a prosperous note and Nifty closed above its important psychological level of 7900. Now going forward, the index has major resistance in the zone of 7980-7990 and if the index manages to sustain above this level, expect fresh momentum up to the levels of 8035-8050.
Indian equity markets started the last week of 2015 in a prosperous note and Nifty closed above its important psychological level of 7900. On the daily chart the index formed a ‘Bullish Candlestick’ pattern, which indicated buyers were aggressive. Now going forward, the index has major resistance in the zone of 7980-7990 and if the index manages to sustain above this level, expect fresh momentum up to the levels of 8035-8050. On the downside, important support for the index is at 7850 and next major support is placed around 7820. The daily 14 period RSI has been moving upwards currently quoting around levels of 56 and the upper range for RSI is around 60, this suggests some more upside is likely in the index.
Indraprastha Medical Corporation: Housing Development Finance Corporation (HDFC) has sold a 2.12 per cent stake in healthcare firm Indraprastha Medical Corporation. The sale of shares was done during December 4-24.
L&T Finance Holding: Citigroup has increased its stake in financial services firm L&T Finance Holdings to 7.56 per cent from 5.74 per cent for about Rs 208 crore. The Citigroup Global Market Mauritius purchased 3.18 crore shares or 1.82 per cent from the secondary market.
Adani Ports and Special Economic Zone: Karan Adani, son of Adani Group chairman Gautma Adani, has been appointed as the Chief Executive officer (CEO) of Adani Ports with effect from 1st January, 2016. The decision to appoint him as CEO was taken in a board meeting held of 28th December, 2015 and he will replace outgoing CEO Sudipta Bhattacharya.
Udaipur Cement: JK Lakshmi Cement will sell 3.01 per cent stake or 88.9 lakh shares in its subsidiary Udaipur Cement works through an offer-for-sale (OFS).
Saregama India: Financial Services major Reliance capital has acquired a 6.82 per cent stake in RP Sanjiv Goenka group company Saregama India for 43.17 crore through open market transaction on both the NSE and BSE platform.
Jindal Steel and Power: JSPL has agreed to allow lenders to its subsidiary Jindal Power to convert debt into equity in the event of a default, the company informed in a statement.
Infosys: IT firm Inofsys announced the launch of its solar PV power plant of 6.6 MW capacity at its Pocharam campus in Telangana.
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