Index trend and stocks in action August 18, 2016

Indian benchmark indices started off the session on a flattish note, and thereafter, it witnessed profit booking, but again the zone of 8600-8610 proved to be a strong support level for the Nifty and in the end Nifty closed at 8624 levels. On the daily time frame a small body negative candle has been formed with narrow range. This indicates a narrow trend in the market. Now going forward immediate support for Nifty is placed around levels of 8600-8590, and breach of this support level will open up gates for correction up to levels of 8530-8500. On the upside, the zone of 8684-8690 will act as a stiff resistance for Nifty. The 14-day RSI is quoting around levels of 55-56, and a decisive breach below 54 levels will be the first hint that market will start correcting. Hence, keep a close tab on levels of 54.

PC Jeweller and VRL Logistics: BSE said it will shift shares of four companies including PC Jeweller and VRL logistics to Group A Category.

Adani Transmission: S&P Global Rating has assigned a ‘BBB’- long-term corporate credit rating to Adani Transmission.

Indiabulls Housing Finance: Indiabulls Housing Finance said it proposes to raise over Rs 1,600 crores from non-convertible debentures (NCDs), for funding business expansion.

Gammon India: Infrastructure player Gammon India said it has won a contract worth Rs 870 crore from the National Highways Authority of India (NHAI) for widening of a highway in Karnataka.

Lupin: Drug firm Lupin said its subsidiary Gavis Pharmaceuticals has received final approval from the US health regulator to market potassium chloride extended release capsules in the American market, which are used for treating potassium deficiency in the bloodstream.

Axis Bank: Private sector lender Axis Bank has cut its lending rate by 0.05 per cent, a move which will lower EMIs for its new borrowers. The new rate for one year lending tenure has been reduced to 9.25 per cent from 9.30 per cent.

Tata Motors: Tata Motors has hiked the price of its recently launched hatchback, Tiago, in the range of Rs 5000-6000 as the introductory pricing period ended this month.