Index trend and stocks in action September 15, 2016

Indian benchmark indices started the session on a cautious note, tracking subdued cues from the Asian markets. Thereafter, Nifty traded in a tight range. However, in the last half an hour of the trading session, short covering was witnessed and Nifty ended with marginal gains. Nifty did manage to hold on to its crucial support level of 8690 as it's the 61.8 per cent retracement for the up-move from levels of 8518. Now going forward the 21-day EMA, which stands at levels of 8740 will be acting as a stiff resistance. A decisive move above this level will open up gates for further up-move up to levels of 8790-8800. On the downside, 8680-8690 will continue to act as a strong support for Nifty. RSI is hovering around 50 levels.

Jindal Steel and Power: Naveen Jindal led, Jindal Steel and Power (JSPL) said HSBC Global Investment Fund has sold 71.20 lakh shares in the company in the open market.

Tata Power: Tata Power Renewable Energy (TPREL), an arm of Tata Power, has completed 100 per cent share purchase in Welspun Renewable Energy Pvt. Ltd., and its subsidiaries.

Indian Oil: State-run refiner Indian Oil Corp., aims to be one of the top natural gas suppliers in the country over the next five years as it bets on growing demand for transport and factories.

Infosys: Infosys said it will set up new centres in Croatia and Russia to expand global service delivery network into Europe.

Ashok Leyland: The Board of automobile component firm Hinduja Foundries has given its nod for amalgamating the company with heavy commercial vehicle maker Ashok Leyland subject to regulatory and shareholders’ approval of both the companies.

Reliance Communication: In the biggest telecom merger in India, RCom and Aircel have agreed to combine their wireless operation, creating the country’ s fourth biggest player with revenues of $4 billion and subscriber base of 180 million.