Index trend and stocks in action August 10, 2016
Chirag Gothi / 10 Aug 2016
On the daily time frame Nifty has formed a ‘upside-gap two crows’ candlestick pattern. This pattern consists of three candles and this pattern occurs in an uptrend, suggesting a reversal of prices downward. Now going forward first important support for Nifty stands at levels of 8620 and next support stands at 8570.
Indian benchmark indices got off to a subdued start as the indices showed signs of consolidation ahead of the outcome of RBI’s mid quarter policy review meet. Post the policy announcement the RBI Governor, Raghuram Rajan in his last policy of his three year tenure kept the rate unchanged, and indices suffered a setback as sudden bouts of profit booking emerged in the market. However, Nifty managed to recover from lower levels and ended the session with marginal losses. On the daily time frame Nifty has formed a ‘upside-gap two crows’ candlestick pattern. This pattern consists of three candles and this pattern occurs in an uptrend, suggesting a reversal of prices downward. Now going forward first important support for Nifty stands at levels of 8620 and next support stands at 8570. On the upside, the zone of 8725-8735 will be a key hurdle for Nifty. Fresh momentum is likely to emerge only if Nifty manages to cross this hurdle of 8725-8735.
Aditya Birla Group: The Aditya Birla (AB) group is gearing up for a major restructuring of its key business areas. The AB group will be realigning its business verticals so as to focus on its core businesses. Currently, there are 3 core business lines for the AB group: Grasim, AB Nuovo and Aditya Birla Money. Its non-financial businesses like cement, agriculture and telecom will be merged into a separate company. Additionally, the AB group is likely to move towards a holding company model where Grasim could most likely emerge as the holding company as per the reports.
Greenply Industries: With reference to the earlier letter dated August 09, 2016 regarding outcome of QIP committee meeting, Greenply Industries has now informed the exchange that the said announcement is being withdrawn by the company.
Manappuram Finance: Gold mortgage lending Manappuram Finance has posted a consolidated net profit of Rs 160.34 crore in the first quarter of the current fiscal, which represents a 170 per cent growth over the same period of the previous year.
Aptech: Ace investor Rakesh Jhunjhunwala has bought 7 lakh shares at an average price of Rs 91.62 per share.
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