Index trend and stocks in action July 11, 2016
DSIJ Intelligence / 11 Jul 2016
Indian benchmark indices after getting off to a cautious start, soon drifted to lowest level as investors were influenced by frightening sentiments prevailing in the Asian markets.
Indian benchmark indices after getting off to a cautious start, soon drifted to lowest level as investors were influenced by frightening sentiments prevailing in the Asian markets. However, Nifty managed to hold on to the important psychological level of 8300. Although Nifty has seen correction from swing high levels of 8398.45 in the last four trading sessions, the power in down move is not convincing. The support zone of 8240-8280 has not been breached and on the daily chart there is no formation of any long range bearish candle during the decline. Now going forward Nifty has strong support in the range of 8240-8280 and breach of this zone will open gates for correction up to levels of 8200-8180. On the upside, level of 8400 will act as a stiff resistance.
Reliance Communications: Promoters of Reliance Communications have pledged 3.8 crore shares at an estimated value of Rs 190 crore before private banks.
Tata Motors: Tata Motors reported 20.8 per cent increase in global sales at 92,551 units including that of Jaguar Land Rover (JLR) vehicles, in June.
United Spirits: United Spirits said its analysis revealed Vijay Mallya and his associate companies diverted funds of over 1,225.30 crore between October, 2010 and July, 2014.
Crompton Greaves Consumer Electricals: CGCEL said that HDFC Mutual Fund has trimmed stake in the company by 2.07 per cent to 5.13 per cent by selling shares worth over Rs 181 crore in the open market.
Bharti Airtel: The Telecom Ministry is believed to have cleared the spectrum trading deal signed between Bharti Airtel and Aircel. Airtel had contracted to buy Aircel’s 4G spectrum for a price of Rs 3500 crore. This gives Airtel access to 4G spectrum in 8 circles including Chennai, Bihar, J&K, West Bengal, Assam, North East, Andhra Pradesh and Odisha.
Tata Steel: Tata Steel has entered into discussions with strategic players in the steel industry including Thyssenkrupp AG of Germany for a possible joint venture involving its European steel business, as per the statement issued by the company on Friday night.
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