Index trend and stocks in action November 02, 2016
Chirag Gothi / 02 Nov 2016
The sequence of lower top formation from the recent swing high level of 8968.70 is intact and the recent pull back rallies which have been witnessed lack strength. Now going forward, the low of the Big Bullish candle which was formed as on October 18, 2016 is important and the low stands at 8555.
The Indian benchmark indices got off to a positive start in early trade; however, soon after opening they shifted into intraday sideways consolidation till afternoon. The intraday buying occurred during the second half of trading session, but profit taking at higher level emerged and Nifty slipped from higher levels to close near lowest point of the day. The sequence of lower top formation from the recent swing high level of 8968.70 is intact and the recent pull back rallies which have been witnessed lack strength. Now going forward, the low of the Big Bullish candle which was formed as on October 18, 2016 is important and the low stands at 8555. A decisive breach of low of the big bullish candle is likely to open gates for correction up to levels of 8480. On the upside, levels of 8670-8685 have been acting as a stiff resistance for Nifty.
Tata Motors: Tata Motors has reported 21 per cent higher sales in the month of October with exports driving growth at 39 per cent. Commercial vehicles, which account for 57 per cent of the total sales of Tata Motors, grew by 15 per cent on a YOY basis. Even the passenger cars segment grew by 28 per cent, one of the best growth rates registered in the last 4 years. Interestingly, even the LCV segment grew by 21 per cent while the HCV segment reported a 9 per cent growth. The recently launched Tata Tiago and the Tata Zest were among the star performers from the Tata stable.
Lupin: Pharma major, Lupin has received final approval from the USFDA to market norgestimate and ethinyl tablets marked for use by females of reproductive potential to prevent pregnancy.
Jubilant Life Sciences: The company has received approval from the US health regulator to market Rosuvastatin Calcium tablets, used for treatment of hyperlipidemia, in the American market.
Coal India: Coal India registered a marginal decline in its production in October to 43.51 million tonnes (mt) compared to 44.37 mt produced in the same month last year.
Amtek Auto: The auto ancillary company is expected to shortlist bidder for its German division Tekfor as early as next week.
MOIL: MOIL revises price of various grades of manganese ore with effect from November 01.
Central Bank: Central Bank to raise Rs 157 crore via preferential share issue to government, to sell shares at Rs 91.45 each.
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