Index trend and stocks in action July 7, 2016

After showing consistent positive closing in the previous 6 trading sessions, markets tumbled in the last trading session and witnessed losses of about half a per cent. Nifty on daily chart has filled the upside gap which was created on July 4, 2016. After forming back to back low range candle, Nifty has formed a reasonable negative candle with a high low range of almost 60 points. Now going forward 8300 will act as an immediate support level, and if this support level is breached next important support is placed around 8240-8250 zone. On the upside, the level of 8400 will act as a stiff resistance. The daily 14-day RSI is showing a negative divergence. 

Axis Bank: The Cabinet Committee of Economic Affairs has cleared the proposal of Axis Bank to increase the foreign shareholding limit to 74 per cent from 62 per cent now. It would lead to foreign investment of about 13,000 crore.

Bank of Baroda: State-owned lender Bank of Baroda for the first time is set to offer rating-based lending to retail mortgage loan seekers, which involves giving loans based on credit scores and not a uniform rate irrespective of the credit quality.

Petronet LNG: India’s biggest gas importer Petronet LNG has plans to set up a Rs 5,000 crore LNG import terminal at Kutubdia islands in Bangladesh as it looks to build terminals to feed demand in neighbouring countries.

Escorts: India’s leading tractor manufacturers Escorts unveiled their global ambitions with the launch of 13 new tractors in 12HP to 110HP range under flagship Farmtrac, Powertrac and Euroline series to cater specifically to the world market.

Insecticides: The company has entered into an agreement with Momentive Performance Materials Inc., USA for getting the product ‘AGROSPPREC MAX’ on an exclusive basis for the territory of India.

Fiem Industries: Fiem Industries has received Letter of Intent (LoI) for Design, Manufacture and Supply of Self Ballasted 9W LED with 3 years warranty from Energy Efficiency Services (EESL).

Lupin and Dr. Reddy’s Lab: Drug majors Lupin and Dr. Reddy's are recalling over 1.7 lakh bottles of two different tablets, used in treatment of blood pressure and acidity, in the US due to deviations from manufacturing norms.