Index trend and stocks in action July 26, 2016
Chirag Gothi / 26 Jul 2016
On the daily chart Nifty formed a ‘Long White Day’ as against ‘Hammer’ candle formed as on July 22, 2016. After a strong consolidation for the last 5-6 trading sessions, finally Nifty managed to pierce the resistance zone of 8600.
Indian benchmark indices started off the session on a negative note. However, the first hour of trading witnessed a tussle between bulls and bears but finally Bulls showed their dominance and the Nifty ended the session near the day’s high. On the daily chart Nifty formed a ‘Long White Day’ as against ‘Hammer’ candle formed as on July 22, 2016. After a strong consolidation for the last 5-6 trading sessions, finally Nifty managed to pierce the resistance zone of 8600. Nifty has managed to close above its 78.6 per cent retracement level of down move from the high of 9119.20 to low of 6825.80. Now going forward the level of 8660 will act as a immediate resistance, and once this level is crossed we can expect Nifty to test levels of 8720. On the downside, the zone of 8580-8600 will act as a crucial support for Nifty.
PNC Infratech: PNC Infratech said it has bagged a project worth Rs 232.91 crore for four-laning of a road in Uttar Pradesh. The company has received the letter of award from the Public Works Department (PWD), Uttar Pradesh.
Adani Power: Adani Power has informed BSE that the convertible warrant holders, to whom the warrants were allotted in the month of May, 2016 on a preferential basis, have exercised their rights for conversion and applied for conversion of part of the Warrants into equity shares.
Glenmark Pharma: Leading drug maker Glenmark Pharmaceuticals has raised USD 200 million from international investors, making this the first-ever USD dollar bond sale by a domestic pharma company.
PFC: Power Minister Piyush Goyal said that PFC is considering steps to bailout delayed thermal and hydro power projects.
Telecom Stocks: The Telecom Commission has recommended a 3 per cent annual usage charge for the spectrum to be sold in upcoming auction while fixing the same as the minimum rate even for existing airwaves with all operators.
Central Bank: Central Bank of India will be raising Rs 1,297 crore by issuing shares to the government. Nearly 123.8 million shares will be issued at Rs 104.76 each.
ACC: Cement major ACC will announce its Q1 earnings today.
Maruti: Maruti will announce its Q1 earnings today.
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