Index Trend And Stocks In Action January 05, 2016
Chirag Gothi / 05 Jan 2016
The Indian markets made a horrible start to the new week, as the market tanked more than 2 per cent as worries about downturn in China and fresh geopolitical tensions in the Middle East shocked investors and traders. On the daily chart the index has marked a double top pattern around levels of 7972-7979.
The Indian markets made a horrible start to the new week, as the market tanked more than 2 per cent as worries about downturn in China and fresh geopolitical tensions in the Middle East shocked investors and traders. Sentiments further dampened as the Domestic manufacturing sector contracted for the first time in last two years. On the daily chart the index has marked a double top pattern around levels of 7972-7979. First top was registered on 2nd December around levels of 7979 and second top as on 04th January around 7972. As long as the index stays below this level, it can be said that the near term top has been formed by the nifty. Now going forward important support for the index is placed around levels of 7730 and next support is around 7650. On the upside levels of 7845 will act as a hurdle for the bulls.
SITI Cable Network: The Reserve Bank of India has allowed foreign investors to buy up to 49 per cent stake in Siti Cable Network. Foreign Institutional investors (FIIs)/registered foreign portfolio investors (RFPIs) can now invest up to 49 per cent of the paid up capital of Siti cable network under the Portfolio investment scheme (PIS).
L&T: L&T InfoTech, a subsidiary of engineering giant Larsen & Toubro, has received capital markets regulator SEBI’s approval to float an initial public offering (IPO) worth Rs 2,000 crore.
Aditya Birla Chemicals & Grasim Industries: Grasim Industries announced merger of ABCIL with itself after receiving necessary approvals, consolidating its leadership as the largest chlor-alkali manufacturer in India.
IFCI: Infrastructure lending firm IFCI said that it will partially divest its stake in the Stock Holding Corporation. Besides, the company will also pare its entire holding in Assets Care and Reconstruction Enterprise (ACRE).
JSW Steel: Sajjan Jindal-led JSW Steel said the Karnataka High Court gave the steel maker a ‘partial’ relief in the Forest Development Tax (FDT) case.
IDBI Bank: Public sector lender IDBI Bank said it has raised Rs 1,900 crore through two separate Basel-III complaint tier-II bonds on private placements basis.
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