Index Trends And Stocks In Action April 22, 2015

Indian equity market slipped below important psychological level of 8400. Earning from IT stock continues to disappoint as HCL Technologies announced quarterly results which was below market expectation. Nifty index has formed a bearish candlestick pattern with more with good volumes. Now index is approaching towards its important support zone of 8320-8330 as defined by rising trend line joined from lows of 7961. Now if index breach its important support of 8320-8330 it’s likely to test its 200-day EMA which is placed around 8185. On upside level of 8440 and 8500 will act as major hurdle for the bulls.

Wipro reported 2.1% rise in fourth quarter net profit to Rs 2,286.5 crore as against of Rs 2,239.1 crore profit in the quarter ended March 31, 2014. Its revenue grew by 3.9% to Rs 12,171.4 crore in the January-March quarter of 2014-15, from Rs 11,703.6 crore in the year-ago period. Wipro's June quarter outlook is below the Street's estimates as analysts had expected the IT major to guide for a 1-3% growth in revenue for the June quarter.

Persistent Systems has recorded profit of Rs 76 crore up by 11.4% for the fourth quarter ended March 31, 2015 from Rs 67.2 crore in the corresponding quarter. Revenue for the quarter grew 11.5% to Rs 498 crore from Rs 446.74 crore for the same quarter last fiscal.

WENDT has reported net sales of Rs 33.09 crores during the period ended March 31, 2015 as compared to Rs 29.60 crores during the period ended March 31, 2014. The company has posted net profit of Rs 4.42 crores for the period ended March 31, 2015 as against Rs 2.03 crores for the period ended March 31, 2014.