Index trend and stocks in action October 13, 2016

On Monday, Indian benchmark indices opened the session on a positive note. Thereafter, the Nifty consolidated in the narrow range and in the end the session closed flat above 8700. On the daily chart Nifty is continuing the sequence of lower top lower bottom, since registering swing high level of 8968.70. This pattern would get invalid if Nifty manages to close above levels of 8820. Now going forward the zone of 8660-8670 will act as a strong support zone and breach of this support zone will open up for down move up to levels of 8620-8600. On the upside, the level of 8755 would act as a stiff resistance for the bulls. A decisive move above this level will open up for upmove up to levels of 8800-8820.

 GAIL India: Gail India, the nation’s biggest gas marketer, has placed orders for laying work of a 345-km section of the Jagadishpur-Haldia-Bokaro-Dhamra gas pipeline, helping expedite the Rs 13,000-crore project.

ONGC: ONGC Videsh Ltd., (OVL) will raise a bridge loan of close to $900 million overseas, to fund the acquisition of an additional 11 per cent stake in Russia’s Vankor oilfield.

Sagar Cement: Sagar Cement said the firm plans to raise funds to finance the expansion of its grinding unit as well as setting up of a power plant.

Bajaj Electricals: Bajaj Electricals said it has decided to shut down from this week its bulbs and tube lights manufacturing unit at Kosi in UP, which originally belonged to a sick company registered with BIFR, citing “not even a remote chance” of improving  operations.

GRUH Finance: Gruh Finance reported 19.9 per cent YoY growth in the net profit for the quarter ended September 30 to Rs 62 crore compared with Rs 51.7 crore reported in the year-ago period.

TCS: IT major TCS will report is result for quarter ended September 30, 2016.

Indusind Bank: Private lender Indusind Bank has reported a 25.75 per cent YoY surge in net profit to Rs 704.26 crore for the quarter ended September 30.