Index trend and stocks in action May 11, 2016

After opening the session on a flattish note market has shifted into a choppy trade with negative bias for the former part of the session. But the markets took a U-turn in the second half of the session and managed to close with modest gains. On the daily chart the Nifty has NR4 (Narrow Range 4) and buying was seen at lower levels. Now going forward the level of 7900 will act as an immediate resistance zone and any move above this level will guide Nifty upto levels of 7940-7990. On the downside, the level of 7830 will act as a strong support level for Nifty. In any case, if this support is breached next important support is placed around levels of 7770. Trend for Nifty remains positive as it is trading above its 200-day EMA and RSI is quoting around 60 levels.

ZEEL: Zee Entertainment reported its Q4 profits higher by 13 per cent for the quarter at Rs 261 crore. Its total income for the quarter was also up 13 per cent at Rs 1531 crore. While the top-line has been better than expectations, the profit numbers have come in slightly below street expectations.

Tata Motors: Tata Motors Group's global wholesales in April 2016 including Jaguar Land Rover, stand at 81,333 higher by 5 per cent year-on-year basis.

JSWSTEEL: JSWSTEEL has bid for the British operations of Tata Steel along with six other bidders. Since the UK government is also a party to the deal, the pressure is on Tata Steel to ensure that the right buyers come in to buy these assets.

Yes Bank: Yes Bank has announced that it is seeking shareholder nod to raise up to Rs 10,000 crore.

Maruti Suzuki: India’s largest automaker urged its component suppliers to make investment for the future as the company’s requirements are expected to grow, with it predicting double digit expansion in annual sales at least until 2020.

Asian Paints: Asian Paints will announce its Q4 numbers today.