Index trend and stocks in action November 04, 2016

The Indian benchmark indices got off to a pessimistic start as sentiments got edgy by rising uncertainties over the outcome of next week’s US presidential election. However, the indices soon gathered momentum and touched an intraday high in the late morning session, but eventually the momentum on the upside fizzled out and indices drifted lower and Nifty ended below 8500 mark for the first time since the month of July 2016. At present, the Nifty is placed at the edge of its major support level which is placed between 8470-8480. A decisive move below this level may open for correction up to levels of 8400. On the upside, Nifty will face resistance in the zone of 8550-8580. A move above this zone is likely to open up for up-move up to levels of 8630. The 14-period RSI has slipped below the level of 40 and at present is quoting around levels of 35. The RSI for the first time in the span of about 7-8 months has slipped below levels of 40.


Bharti Airtel: Bharti Aritel is set to receive $129 million from Zain Telecom to settle the Indian telco’s claims around litigation in Nigeria and other tax matters.

Biocon: Drug makers Mylan NV and Biocon said the European Medicines Agency (EMA) has agreed to review Mylan’s application, seeking permission to bring biosimilar version of insulin glargine to Europe.

HDFC & ICICI Bank: Biggest mortgage firm HDFC and private sector lender ICICI Bank have cut home loan rates by 0.15 per cent.

Wipro: Wipro has appointed Gilles Grange as regional head of France operations.