Index trend and stocks in action November 28, 2016

Indian benchmark indices got off to a positive start in the morning trade as investors were largely influenced by the supportive leads from Asian markets. The Indices soon gathered momentum and traded with around a per cent gains through the morning session. In the second half of the session the indices capitalised on the momentum further and closed near the highest point of the day. On the weekly chart Nifty has formed a ‘Hammer’ Candlestick pattern, which is an important reversal pattern and this pattern is formed at a crucial support level. Hence, the importance is of higher magnitude. Now going forward the zone of 8150-8160 is likely to act as a strong resistance zone for Nifty. Firstly, the level of 8150 is 38.2 per cent retracement level of entire up-move; and secondly, the 200 day simple moving average stands at 8151. A decisive move above this resistance zone may open for up-move up to levels of 8200-8230.

Indiabulls Housing Finance: Indiabulls Housing Finance has raised Rs 500 crore by issuing debentures on a private placement basis.

Bharti Airtel: Telecom operator, Bharti Airtel said it has acquired the 4.2 per cent stake held by Econet Wireless in its Nigerian arm.

Canara Bank: Canara Bank and Bajaj Allianz General Insurance have signed a corporate agency agreement for distribution of Bajaj Allianz’s general insurance products through Canara Bank’s network of 5,920 branches across the country.

V-Mart Retail: V-Mart Retail, which has a network in tier II and III cities would allow cash withdrawal of up to Rs 2,000 from its store through ATM Cards.

Aurobindo Pharma: Aurobindo Pharma has inked a pact to acquire select commercial products in France from Teva for an undisclosed amount.

Tata Steel: Tata Steel said it has removed Cyrus Mistry as chairman at a special board meeting. O P Bhatt, independent director on the board of Tata Steel and former head of State Bank of India, has been elected as chairman of the board of Tata Steel unit as an outcome of the EGM.