Index trend and stocks in action July 14, 2016
Chirag Gothi / 14 Jul 2016
On the daily time frame Nifty has formed a potential ‘Hanging Man’ candlestick pattern, and this candle acts as a reversal pattern. However, since the momentum is with the bulls, the implication of this pattern would be that the bulls are tiring out and looking out for some breathing space i.e. consolidation.
The bulls continued their momentum in the opening session as Indian benchmark indices opened in positive territory. However, the markets moved in a tight range for the most part of the trading session and ended with a marginal loss. On the daily time frame Nifty has formed a potential ‘Hanging Man’ candlestick pattern, and this candle acts as a reversal pattern. However, since the momentum is with the bulls, the implication of this pattern would be that the bulls are tiring out and looking out for some breathing space i.e. consolidation. On the downside, Nifty has support placed at levels of 8490 and breach of this support zone will open gates for correction up to 8450-30. On the upside, the range of 8560-8580 will act as a hurdle.
HCC: Lenders of Infrastructure firm Hindustan Construction Company (HCC) have agreed to recast their standalone debt of Rs 4,900 crore under the Reserve Bank of India’s (RBI) scheme for sustainable structuring of stressed assets (S4A), the company informed in a statement. This is the first S4A approval by banks after the RBI allowed such recasts last month.
Max India: The New Max India will be listed on the stock exchange today, becoming the third company of the group to be traded on the bourses following the demerger.
Omkar Speciality Chemicals: The company has intimated the stock exchanges of the recent selling of the shares by the promoter group.
Adani Transmission: The company has announced that Indian Ratings and Research Private limited has assigned company’s Rs 1000 crore Non-Convertible Debentures a final Long-term ‘IND AA+’ rating with stable outlook.
Jewellery Companies: In a relief to jewellers, the government has increased Small Scale Industry (SSI) exemption limit to Rs 10 crore from Rs 6 crore, waived off the levy on sale of traded goods and relaxed various procedural norms. Accepting of recommendation of a panel, the Finance Ministry said no excise audit will be carried out, for the first two years, for units whose duty payment is less than Rs 1 crore (that is turnover of manufactured goods less than Rs 100 crore).
Godrej Industries: Godrej Industries plans to invest Rs 600 crore in its two group companies-Godrej properties and Godrej Agrovet-through subscription/purchase of shares. The company will be seeking approval from its shareholders at the upcoming AGM on August 11, for the same.
TCS: IT bellwether TCS will announce its Q1 results today.
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