Index trend and stocks in action October 05, 2016
Chirag Gothi / 05 Oct 2016
On the daily chart Nifty has formed a doji type candlestick pattern. This pattern suggests there is indecision among the market participants. Now going forward the zone of 8680-8700 is a crucial support for Nifty.
On Tuesday Nifty index opened with an upside gap of 32 points and shifted into intraday consolidation as market participants were eagerly waiting for RBI’s mid quarter policy outcome. The outcome of RBI decision at 2:30 pm resulted in a minor volatility and thereafter Nifty index moved higher. However, the upside was capped and Nifty ended the session with minor gains. On the daily chart Nifty has formed a doji type candlestick pattern. This pattern suggests there is indecision among the market participants. Now going forward the zone of 8680-8700 is a crucial support for Nifty. A decisive breach of this support zone will open up for correction up to levels of 8620-8640. On the upside, the zone of 8780-8820 will act as a crucial resistance level.
BPCL, IOC and HPCL: The price of petrol was hiked by 14 paise per litre and that of diesel by 10 paise a litre following increase in commission paid to dealers.
Steel Stocks: The government has decided to extend the Minimum Import Price (MIP) regime on 66 steel items for a further period of two months till December 4, 2016.
SUN TV: Information and Broadcasting Minister, M Venkaiah Naidu said a decision on Sun TV Network’s radio channels was expected soon.
NBCC: PSU construction firm NBCC has received orders worth Rs 1,117 crore in September.
Indo Count Industries: CARE upgrades Indo Count Industries Long term bank facilities rating to “CARE AA-“ and Short term bank facilities rating to “CAREA1+”.
Atlanta: Altanta is in receipt of Arbitration awards for Rs 16.97 crores plus further interest for Mumbra Bypass on BOT basis in Reference III; and Atlanta Infra assets, subsidiary of Atlanta was awarded Rs 145.21 crore plus future interest for Four laning of Nagpur Kondali, (NH-6) on BOT basis.
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