Index trend and stocks in action June 13, 2016

The Indian benchmark indices got off to a decent start, slowly but steadily started to gather the steam and surged over half a per cent in noon. However, market suffered a setback as sudden bouts of profit taking emerged and market ended the session below the 8200 mark. On the daily time frame the formation of sideways range pattern for the past 4-5 sessions has been broken on the downside and the level of 8294 could be considered a short term top as it has formed a probable Tweezer’s Top pattern. Now going forward important support for Nifty is placed around 8130 levels and below this, next support is placed around 8070. On the upside, levels of 8200-8240 will act as a stiff resistance level.

Sterlite Technology: Sterlite Technology has completed demerger of its power business and will now focus on its telecom business. Ex-Date of Demerger on June 15, 2016.

Alkem Laboratories: has voluntarily recalled Glimikem tablets made before February. This is after having found the drug of sub-standard quality by Central Drugs Standard Control Organization (CDSCO).

ITC: ITC has entered the dairy whitener market with the launch of its Sun Fresh brand. The new product will target a growing market, valued at over Rs 1,370 crore.

KCP: KCP has decided to expand the production capacity of its cement unit located at Muktyala, Krishna district Andhra Pradesh, from 1.8 MTPA to 3.5 MTPA with an expected outlay of Rs 400 crore.