Index trend and stocks in action May 04, 2016
Chirag Gothi / 04 May 2016
The Indian market started the session on a positive note. Markets extended their gains and registered the day’s highs in late morning trade. However, the sudden bout of selling was seen in the afternoon session and thereafter market kept drifting lower and breached its crucial support levels of 7770.
The Indian market started the session on a positive note. Markets extended their gains and registered the day’s highs in late morning trade. However, the sudden bout of selling was seen in the afternoon session and thereafter market kept drifting lower and breached its crucial support levels of 7770. Towards the end, Nifty settled at 7747. At present, Nifty has retraced exactly 50 per cent of rise from low of 7516 to high of 7992. Nifty has breached its important support as defined by long term moving average i.e. 200-day EMA. Nifty is likely to fill the gap which was created as on 13th April, 2016 and hence, it’s likely to re-test levels of 7700. On the upside, level of 7770-7780 is likely to act as a stiff resistance level. The daily RSI is hovering around level of 50 and in past it has been observed that the RSI level has bounced back from 50-odd levels.
DLF: Realty major, DLF is looking to raise $2 billion by selling a stake in its rental business. Currently, the rental arm of DLF has 27 million square feet of developed real estate along with potential to develop another 20 million square feet.
IFCI: Infrastructure lender IFCI has informed that its board has approved selling its remaining 3.05 per cent stake in the NSE (National Stock Exchange).
TVS Motors: TVS Motors reported fourth quarter profits at Rs 118 crore, a growth of 30 per cent on a Y-o-Y basis. However, its EBITDA margin at 6.3 per cent was disappointing and way below the street estimates. The operating profit margin (OPM) was expected to rise by 100 bps from 6.1 per cent to 7.1 per cent. However, it’s ended just 20 bps higher at 6.3 per cent.
Jindal Steel and Power: Jindal Steel and Power will announce its Q4 numbers today.
BHEL: A Parliamentary panel called for a forensic audit of BHEL to identify instances of deficiencies, saying that performance of the Maharatna PSU has slackened in the last 2-3 years due to poor risk analysis and business foresight.
SITI Cable, Den Networks: SITI Cable is planning to acquire Den Networks.
If you want to stay updated with the share market news today, keep a close watch on the indian stock market today with real time movements like sensex today live and overall stock market today trends. Investors tracking ipo allotment status, ipo news today, or the latest ipo india can also follow daily updates along with bse share price live data. Whether you are learning how to invest in stock market in india, preparing for a market crash today, or searching for the best stocks to buy in india, insights on top gainers today india, top losers today india, trending stocks india and long term stocks india help in making informed investment decisions.