Index trend and stocks in action March 04, 2016

The Indian markets extended their northward journey for a third straight session with benchmark indices gaining around one and half per cent. On the daily chart the index has formed ‘three advancing soldiers’ candlestick pattern. This pattern consists of three bullish candlesticks and it is a trend continuation pattern. On 3rd March, index has marked third back to back opening upside gap, which remains unfilled. The Nifty index is now approaching toward strong resistance zone which is placed in the zone of 7550-7600 zones. On the lower side, important support for the index is placed around levels of 7400 and once this zone is pierced by the bear’s, it's likely to fill the gap which had been created in the last couple of trading sessions.  The daily 14-period RSI is hovering around 59 levels and it has reached the maximum point of the past 6 months. If it manages to cross 60-65 zone, index is likely to prosper further.

Minda Industries: Auto components manufacturer Minda has acquired Spain based Rinder Group’s global automotive lighting business for 20 million euros. This acquisition includes 100 per cent equity holding in Rinder India, Spain-based Light Systems and Technical centre, along with 50 per cent stake in Rider Riducu, Colombia.

Crompton Greaves: BSE has informed that it will drop shares of Crompton Greaves from its different indices, as the proposed demerger plan of the firm’s consumer products business will come into effect.

Bosch: Bosch India seeks shareholders’ approval for Starter Motors sale for Rs 486 crore to Robert Bosch Unit.

Asian Paint: The Company has informed that their operation at Rohtak plant that was shut down due to agitation at IMT, Rohtak with effect from 19th February, 2016 is now restarted.

Reliance Capital: Japanese financial services  gaint Nippon life has got market regulator SEBI’s nod for raising its stake in Reliance Mutual Fund to 49 per cent, completing the regulatory approval process for the deal.

Quick Heal Technologies: The Company has informed BSE regarding intimation of capitalizing in wholly owned subsidiary i.e. Quick Heal Technologies America Inc.