Index trend and stocks in action March 22, 2016

The first trading session of truncated week opened on a positive note and as the day progressed bulls strengthened its position and ended above 7700 mark. The index has almost filled the previous downside gap which was made as on 07th January, 2016. On the daily chart the index has formed a ‘Bullish Marabuzo’ Candlestick pattern, which indicates that buyers controlled the price from the opening bell up to the close of the day. The momentum oscillator RSI is quoting at 66-67 levels, this level has been touched after a long period of time. Now going forward major resistance for the index is placed around levels of 7780 as indicated by its 200-day EMA and next resistance is placed around levels of 7825. On the downside levels of 7660 is a key support for the index. 

Canara Bank: State-run Canara Bank said it will raise Rs 3,000 crore on a private placement basis by issuing Basel-III complaint tier-II bonds. The coupon rate on the bonds will be decided by the Bond Committee of the bank to support the asset growth and maintain comfortable level of CRAR.

Bharti Airtel: Bharti Airtel, the world’s third largest communication services provider has signed an agreement with American Tower Corp, to sell approximately 1,350 towers in Tanzania. The deal is valued around $179 million, according to a statement by American Tower to US stock exchanges. With this, Bharti has raised more than $2 billion from tower sales in Africa.

Va Tech Wabag: Water treatment player Va Tech Wabag has been awarded Rs 5,000 crore worth of order in the current financial year ending 31 st March, making it the highest ever order intake by the group in a financial year. Some of the major projects that the company has secured include the EXIM Bank funded Polgahawela Water Treatment plant order, valued at USD 108 million with Water Board of Sri Lanka.

PVR: PVR and Paytm have announced a strategic association that will bring PVR’s movie tickets to Paytm’s e-commerce platform as the latter forays into the online movie ticket segment. PVR plans to sell movie tickets worth Rs 250-300 crore using Paytm’s platform in the first year of their association.

Bharat Forge: Airbus is in preliminary talks with companies such as Bharat Forge and the forging arms of Mahindra Group to have some of its aircraft parts forged in India.

Titan: Tata Global Beverages Limited (TGBL) transferred 92.48 lakh shares, worth Rs 312.30 crore belonging to Titan Company to Tata Sons through an open market transaction.

Godrej Properties: Godrej Properties, the real estate development arm of Godrej Group, has created a dedicated real estate funds management business, Godrej Fund Management, in India and Singapore. The subsidiary has raised Rs 1,900 crore capital with Dutch pension fund asset manager, APG Asset Management NV as the lead investor.

HT Media: HT Media launches FM Channel ‘Radio Nasha 91.9 FM’ in Mumbai to cater to the domestic market of the metropolitan city.

Indoco Remedies: Indoco Remedies has received the Establishment Inspection Report (Approval) from USFDA for its solid dosages manufacturing facility at Goa (Plant I), confirming closure of inspection in October, 2015.