Index trend and stocks in action September 01, 2016
Chirag Gothi / 01 Sep 2016
After the range breakout the Nifty continued its momentum on the upside. Now going forward resistance is placed around levels of 8850, which is also 88.6 per cent retracement level of entire down move. On the downside, the zone of 8690-8710 will offer good support in the short term for Nifty.
Indian benchmark indices got off to a positive start, in tandem with optimistic sentiments prevailing in the Asian markets. Thereafter, the benchmark indices slowly started gaining pace and Nifty went past level of 8800. However, in the closing half an hour, profit booking was seen at higher levels and Nifty ended the session with a gain of about half a per cent. After the range breakout the Nifty continued its momentum on the upside. Now going forward resistance is placed around levels of 8850, which is also 88.6 per cent retracement level of entire down move. On the downside, the zone of 8690-8710 will offer good support in the short term for Nifty. The daily RSI is rising and at present quoting around levels of 65. The trend is up for the Nifty and the momentum is likely to continue. Buy on dips would be the right strategy to adopt.
ACC, Jaiprakash and Ultratech: The Competition Commission of India (CCI) has imposed an overall fine of Rs.6700 crore on cement companies in India. A total of 11 companies have been fined of which ACC, Jaiprakash and Ultratech have been fined in excess of Rs.1000 crore. Most of these fines pertain to unfair business practices and efforts to stifle competition resulting in price distortion. Cement companies are expected to make an appeal against the order.
BPCL: Oil major, BPCL has reported a 11% rise in net profits to Rs.2620 crore for the first quarter of the current fiscal. Revenues are, however, down by 3% at Rs.57,015 crore owing to weak oil prices. EBITDA is up by just 3% at Rs.3919 crore; while the operating margin (OPM) is slightly disappointing at 6.87%.
Reliance Industries: Reliance will be holding its 42nd AGM on Thursday September 1. Reliance Industries' chief, Mukesh Ambani is likely to announce the official date of the Jio launch and the total investment commitment to the project.
Rajesh Exports: Rajesh Exports has bagged an export order of Rs 1,172 crore of designer range of gold and diamond-studded jewellery and medallions from Singapore.
IOC, BPCL & HPCL: Petrol Price has been raised by Rs 3.38 per litre while diesel rate has been increased by Rs 2.67 per litre.
CARE Ratings: CARE Ratings said it has signed agreements with two companies to set up a credit rating agency in Nepal.
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