Index trend and stocks in action July 4, 2016

After a scintillating June series, the market ended the first day of July F&O series on an optimistic note. Nifty managed to close above 8300 mark after a long time. At present, Nifty has formed an “Advance Block” pattern as on July 1, 2016. The focus of this pattern is that market is making new swing high, but the bullish candlestick real bodies are getting progressively smaller and the upper shadows are showing that bulls wish to push prices higher, however during the day the bears successfully dragged the prices down, off the highs. Now going forward immediate support for Nifty is pegged at levels of 8240 which is 61.8 per cent retracement level. On the upside, resistance is pegged at levels of 8360-8365. Bulls will gather momentum if Nifty trades above 8360-8365, and in this case Nifty is likely to touch levels of 8430. 

SBI: State Bank of India has raised Rs 911 crore by selling 5 per cent of stake in National Stock Exchange (NSE) to Mauritius based foreign investor Veracity Investments.

GAIL: GAIL India has agreed to extend financial support to Ratnagiri Gas and Power for building a breakwater, which could allow it to run the LNG terminal throughout the year.

Reliance Industries: Reliance Industries and state-owned SBI have signed the shareholder agreement to set up the payments bank joint venture.

Tata Motors: Tata Motors reported 8 per cent growth in sales at 44,276 units in June. The company had sole 40,869 in the same month last year.

TVS Motors: TVS Motors has reported an 11 per cent growth in sales during the month of June, 2016 with total sales increasing from 222,017 units recorded in the month of June, 2015 to 247,085 units in June, 2016.

Laresen and Toubro: L&T will be in focus as its subsidiary L&T InfoTech will launch IPO of more than Rs 1,200 crore on 11th July.

Jaiprakash Associate: The Board of Directors of the company to meet today to review the progress of the divestment plans and other related matters.