Index Trends And Stocks In Action February 18, 2015

The Indian markets took pause after rallying around 300 points in four trading session. Buying was seen in select index heavyweights like ITC, HDFC and TCS. On daily chart nifty index formed a shooting star candlestick pattern, this candlestick is formed when upper shadow is longer than real body and the lower shadow is small or non-existent. This pattern indicates that the prior uptrend is losing momentum and may reverse to a downtrend or sideways. However this pattern gets validate if index falls below 8790. Now going forward important support for index on downside is around 8730 and next support around 8660. On upside 8840 and 8880 is a crucial resistance zone for the bulls.

Mahindra & Mahindra (BSE Code: 500520) announced recall its sports utility vehicles XUV500 vehicles manufactured on and before July 2014. However, The company did not disclose the total number of units affected by the recall. This upgrade will be limited only to a software change and no parts will be replaced. The company had announced the recall to upgrade the side curtain airbag software.

Tata Motors (BSE Code: 500570) announced that it sold 80499 vehicles in January 2015 on a wholesale basis, unchanged on the same period a year ago. Its cumulative wholesale result for this fiscal year reached 794017 vehicles, down 5 per cent.

Jaiprakash Power Ventures (BSE Code: 532627) bagged the Amelia (North) mine in Madhya Pradesh quoting Rs 712 per tonne, the highest among 11 firms. The mine has extractable reserves of 70.28 million tonne (MT).