Index trend and stocks in action February 26, 2016

The Indian market started off with a light start as the indices consolidated in early trade, as investors and speculators remained alert ahead of the Railway Budget. After trading in a tight range for the most part of morning trade, the index suffered a setback in afternoon trade after Rail Minister Suresh Prabhu presented the budget. However, the misfortunes were capped as the European market opened on a positive note. The Nifty index continued its sequence of lower top, lower bottom. At present, the index is floating around 78.6 per cent retracement levels of the up-move from the lower levels of 6869 to swing to a high of 7252.4. Now going forward levels of 6950 will act as an immediate support for the index and breach of this will invite further shortcoming upto levels of 6860. On the upside the level of 7035 will go about as a firm resistance for the index and if it sustains above levels of 7035, index can rally further upto levels of 7060.

RCF: Rashtriya Chemicals and Fertiliers (RCF) has decided to acquire an 11 per cent equity stake at Rs 180 crore in its proposed joint venture firm for revival of a closed urea plant at Sindri in Jharkhand.

Unitech: Unitech has defaulted on payment of a loan instalment of Rs 38.52 crore to the Central Bank of India, prompting the state-owned banker to issue public notice of default. Unitech said that it has repaid Rs 264 crore out of the Rs 300 crore loan and the remaining would be paid shortly. The company is facing a liquidity crunch due to slowdown in the real estate market, particularly housing segment.

Chembond Chemicals: Chembond Chemicals, a specialty chemicals company on Thursday said it has entered into a Joint Venture (JV) agreement with Malaysia-based company I-Chem Solution Sdn Bhd which is operating in the water treatment solutions business.

Orient Beverages: Orient Beverages has started the Commercial Production of new soft drink product namely (i) SPICY w.e.f. February 24, 2016 and would continue to produce other soft drinks namely (i) FONZO, (ii) LIMONATA and (iii) PINACOLADA also, at its new plant at Sankrail, Howrah (West Bengal). The Company is manufacturing these products as franchisee of M/s. Bisleri International Pvt. Ltd.