Index Trend And Stocks In Action January 12, 2016

The Indian markets started the session on a dismal note owing to weak cues from China. However, as the day progressed the sell-off weakened, and the index ended the session with a marginal loss. The Nifty index managed to slip below its important support level of 7530 on an intraday basis; however bulls pushed the prices higher and managed to close above 7550 levels. Now going ahead the level of 7610 will act as a stiff resistance for the index. On the downside, levels of 7480 will act as a strong support for the index. The daily 14-day RSI has formed a positive divergence, and is quoting around 35. If it manages to cross the level of 42, it will be a positive indication for the bulls.

Omax Auto: Auto component manufacturer Omax Auto has declared that it has sold its remnant 51 per cent stake in its subsidiary Gmax Auto.

Vivimed Labs: Vivimed Labs has informed that the Board of Directors of the company has approved, resolved and taken note of the sub division proposal of company’s equity shares from the existing face value of Rs 10 per equity share to Rs 2 per equity share subject to the approval of company’s shareholders.

Unitech: Unitech officials succeeded in securing interim bail from a Delhi court in alleged cases of cheating, filed by two investors. The chairman and its two managing directors were placed under a 14-day judicial custody.

TCS: Tata Consultancy services India’s largest IT Services Company will report its results for the third quarter of the year today. The company is the first IT Company to announce its earning and will drive the market sentiment.

IOB: Indian Overseas Bank said it will downsize the number of its regional offices by closing 10 such offices to improve efficiency.

PI Industries: PI Industries has started Commercial Production at its 3 rd Unit situated at sterling SEZ facility, Jambusar in Gujarat from 11th January, 2016.