Index trend and stocks in action September 28, 2016

After a sharp fall on Monday, Indian benchmark indices got off to a positive start, amid cautiously optimistic sentiments prevailing in the Asian markets. The indices in no time scaled to intraday highs and Nifty traded above 8750 levels. But profit taking at higher level resulted in a negative closing. After forming a long range bear candle, on Tuesday Nifty formed a bearish candle. Now going forward Nifty has immediate support placed around levels of 8680 as near this area previous swing low was formed as on September 14, 2016. A decisive move below this support level could lead Nifty to drift even lower. In this case Nifty is likely to test levels of 8640. On the upside, the zone of 8755-8770 would act as a strong resistance for the Nifty. The daily RSI is quoting around 47 levels and previously the zone of 45-48 has acted as a strong support.

Reliance Power: Reliance Power plans to double capacity of its Rosa and Butibori thermal power plants and will set up a 400 MW solar plant in the coming years, the company's chairman, Anil Ambani said.

RBL Bank: RBL Bank has raised Rs 330 cr from the UK-based development finance institution, CDC Group Plc (CDC), through Basel III compliant Tier II capital. The debt raised will strengthen the capital base of the bank, which in turn will support its businesses including SME lending, agribusiness financing and financial inclusion. In addition, the infusion will help the bank expand to new regions within India.

Procter & Gamble: P&G's global chief executive, David Taylor met Prime Minister, Narendra Modi to discuss the company’s manufacturing initiatives in the country and partnership opportunities in education and the government’s cleanliness drive.

NIIT: NIIT said it has acquired city based start-up Perceptron Learning Solutions. The acquisition will bring together complementary technology platforms and capabilities of NIIT and Perceptron, enabling NIIT to further accelerate its digital transformation initiatives.