Index trend and stocks in action August 03, 2016

Indian benchmark indices started off the session on a positive note and made an attempt to move up during the first half of the trading session. However, in the noon session sudden bout of selling emerged and market slipped in negative territory and closed near the day’s low. After forming a spinning top candlestick pattern as on August 1, 2016, Nifty has formed a negative candle. In the last month or so, we have witnessed many of such sideways corrections or range bound movement in Nifty and eventually the range bound movement has broken on the upside and every time Nifty has emerged with strong movement. Now going forward as long as Nifty stays above 8570 levels the trend would be on the positive side. Breach of 8570 levels will open gate for further correction up to levels of 8500. On the upside, the zone of 8670-8720 is a strong resistance zone.

Bharti Airtel: Verizon Digital Media Services has tied up with Bharti Airtel to launch new points of presence in four cities, Mumbai, Chennai, Bangalore and New Delhi.

Wipro: The Unique Identification Authority of India (UIDAI) extended “undue favour” to Wipro and as a result incurred an avoidable expenditure of Rs 4.92 crore on annual maintenance contract, according to CAG report tabled in Parliament.

Piramal Enterprises: Primal Enterprises has said it is looking to raise Rs 215 crore through issue of non-convertible debentures on a private placement basis.

Godrej Consumer Products: Godrej Consumer Products said it has acquired two newly set up hair care firms in Zambia and Senegal to ramp up presence in African market.

Reliance Industries: Government auditor CAG has red-flagged $1.6 billion of excess cost recovered by Reliance Industries in the KG-D6 gas block and took note of state-owned ONGC’s gas flowing into the eastern offshore fields of the Mukesh Ambani led firm.