Index trend and stocks in action September 12, 2016
Chirag Gothi / 12 Sep 2016
The opening gap which was created on September 6, 2016 is open. Now going forward important support for Nifty on daily chart is placed in the zone of 8740-8690, because the 50 per cent retracement of the entire up-move from the levels of 8518 stands at 8740 levels and 61.80 per cent retracement level of the entire up move stands at level of 8690.
Indian benchmark indices opened with a downside gap following the hefty selling in Asian equities after investors remained influenced by gloomy global developments. Nifty continued its downslide as European markets too slipped in the opening trade. Nifty in the end settled with a loss of about 1 per cent. At present, the Nifty is hovering around 23.8 per cent of recent up-move from the swing low of 8518 to high of 8968.70. The opening gap which was created on September 6, 2016 is open. Now going forward important support for Nifty on daily chart is placed in the zone of 8740-8690, because the 50 per cent retracement of the entire up-move from the levels of 8518 stands at 8740 levels and 61.80 per cent retracement level of the entire up move stands at level of 8690. However, if Nifty manages to close below its 61.80 per cent retracement level of 8690 in that case it’s likely to touch levels of 8620-8540. On the upside, the zone of 8970-9000 will act as a strong barrier for Nifty. The Daily 14-day RSI is quoting around 62 levels, immediate support on the RSI stands at 55 levels and major support stands at 48-50 levels.
L&T Technology Services: L&T Technology Services, a unit of construction giant L&T, will open for subscription today. The company has set a price band of its initial public offer at Rs 850-860 a piece.
Tata Motors: Tata Motors has reported a 16 per cent rise in global sales at 86,288 units, including that of Jaguar Land Rover (JLR) vehicles, in August. The company had sold 74,639 units in August, 2015.
ONGC: ONGC has succeeded in controlling the uneven flow of gas from its well located in Tadikona of Allavaram mandal in East Godavari district of Andhra Pradesh.
Tata Power: Tata Power and ICICI Venture Funds Management have joined hands to set up a platform that will raise an initial capital of $850 million to invest in power projects. The platform has received commitments from CDPQ of Canada, Kuwait Investment Authority and State General Reserve Fund of Oman.
Indiabulls Housing Finance: Indiabulls Housing Finance will launch NCDs today.
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