Index trend and stocks in action September 06, 2016

Indian benchmark indices got off to a positive opening, in tandem with optimistic sentiments prevailing in Asian markets. Thereafter, the indices moved in a narrow range, but in the last hour of session buying was seen, which fuelled the bourses to the highest point. Eventually Nifty ended the session above 8800 mark. On the weekly chart Nifty has formed a strong bullish candlestick pattern, indicating dominance of the bulls. Nifty has registered a fresh swing high around levels of 8824. Now going forward momentum is likely to continue as Nifty has witnessed breakout after trading in a range for a long period of time. On the downside, immediate support for Nifty is placed at 8700 levels. On the upside, the zone of 8830-8850 is a resistance zone and a decisive move above this zone will help the Nifty to touch levels of 8880-8910.

Coal India: State-run mining major Coal India will develop solar power plants of 600 MW capacity in four states, including West Bengal and Maharashtra, under the second phase of its plan to set up a total of 1,000 MW green energy plants.

Bajaj Electricals: Bajaj Electricals has launched a new sub-brand ‘.nxt’ to upgrade customers and corporate clients into LED products. The company is manufacturing these products in India.

NMDC: Government will kick-start overseas roadshows to gauge appetite for the Rs 4,000 crore NMDC stake sale.

MRPL: MRPL said that it will raise up to Rs 3,000 crore by way of issuing Non-convertible Dentures (NCDs). The board of the company at its Annual General Meeting was authorised to raise the amount.

Allahabad Bank: State-run Allahabad Bank is looking to raise up to Rs 500 crore by issuance of equity shares to qualified institutional buyers (QIBs).

Vedanta: Vedanta will be investing Rs.3000 crore to double its current copper capacity. It will be hiking its capacity from the current level of 4 lakh tonnes to 8 lakh tonnes by 2019.