Index trend and stocks in action June 03, 2016

The Indian market got off to a subdued start and thereafter traded in a narrow range for the most part of the day. However, in the second half, market saw a sudden spurt in buying post the opening of European markets and Nifty closed above 8200 mark. The formation of ‘Gravestone Doji’ candlestick pattern is negated as Nifty formed a Bullish candlestick and managed to close above the Gravestone Doji candle's high. Now going forward Nifty is approaching toward its major resistance level which is placed around 8240-8250 levels as its 61.8 per cent retracement level of down move from high of 9119 to low of 6825.80. Once this level is breached with volumes expect momentum to continue on the upside up to levels of 8330-8400. On the downside, good base has been formed in the last 3-4 trading sessions around levels of 8130-8150, hence, this zone should act as an immediate support level for Nifty.

Hindustan Unilever: Hindustan Unilever has decided to split its food and refreshments business into two separate units. This is broadly in line with the global category structure that Hindustan Unilever follows. With two distinct business lines with separate leaders, Hindustan Unilever is confident that this could translate into much higher growth potential being unleashed in both the business lines.

Tech Mahindra:  One of India’s leading IT Company Tech Mahindra has informed that it has bagged a $75 million contract from Nevada’s Department of Motor Vehicles (DMV) as the prime integrator for a system modernisation project.

Electrosteel Steels: Promoters of Electrosteel Steels at a threat of losing company to banks, after defaulting on Rs 10,000 crore in loans have asked lenders to reschedule the loans and halt the process of taking control as higher steel prices in the past few months have helped them report net profit in the Q4 for the first time in the past 5 years.

PFC: PFC has acquired over 23 per cent stake in Shree Maheshwar Hydel Power Corp by invoking pledge shares and partially converting debt into equity.

NHPC: State-run NHPC expects to commission nearly 610 MW hydro projects this fiscal.

Yes Bank: India’s fifth largest private sector bank Yes Bank, has recently received the nod from Indian government to increase its FDI to 74 per cent because of which its likely to raise USD 1 million from the overseas investors in the current fiscal.