Index Trend And Stocks In Action January 11, 2016

The Indian markets ended their losing streak and the trading session culminated with marginal gains of about half a per cent. Sentiments boosted higher after the Asian Peers witnessed a rebound, on account of a hefty crash in the earlier sessions. The Nifty index once again showed a pullback rally from its crucial support levels of 7530-7550. On the daily chart the index has formed an inside bar, which suggests that the selling pressure has diminished. Now going forward level of 7530-7540 will hold the key for the bulls, and once this support is breached with volumes, you can expect a sharp fall in the market upto levels of 7480-7400. On the upside, if bulls manage to sustain above levels of 7640, it will trigger fresh momentum on the upside upto levels of 7675. The 14-day RSI is showing an upward trend after forming a positive divergence, and this is a positive takeaway.

Sobha Developers: Real estate firm Sobha has sold informed that it has sold more than 8 lakh square feet space for Rs 478.30 crore in the December quarter, helped by a robust performance mainly in the Bengaluru market.

Ashok Leyland: Hinduja Group flagship firm Ashok Leyland said it has bagged an order for 680 vehicles and spare parts worth USD 50 million from Zimbabwe.

Tata Power: Tata Power said that it will raise Rs 500 crore by issuing unsecured redeemable non-convertible debentures on private placement basis.

8K Miles software Services: Could computing firm 8K Miles software services reported a 109 per cent rise in net profit at Rs 11.3 crore for the December quarter, driven by better revenues from its recent acquisitions.