Index Trends And Stocks In Action June 19, 2015

The Indian equity market continued its upward march for the fifth successive session on Thursday. The gains were led by the index bellwether Reliance Industries, which has clocked gain of about 8% in last two trading sessions. The end of the day of the action has formed a good bullish candlestick pattern along with decent volumes; this hint momentum is with the bulls. Now going forward immediate hurdle for the index is around the level of 8230 i.e. 200-day EMA. If bulls manage to sustain above its 200-day EMA it will furnish further strength and it’s likely to test the level of 8350 in the short term. On the downside important support for the index is placed around level of 8120.

Hindalco: Aditya Birla-led Hindalco said in a BSE filing that insurance gain LIC has raised its stake in the aluminum maker to over 13%. LIC has acquired 2.009% stake in the firm through open market transaction between April 16 and June 17, 2015.

NTPC: NTPC plans to seek its board’s approval to take over Damodar Valley Corp’s Raghunathpur thermal plant in West Bengal’s Purulia district. The project is stuck due to infrastructure and financial problems.

DB Realty: City-based real estate firm DB Realty said it has joined hands with ECC and Konark to develop a residential property in Andheri in Suburban Mumbai.

Yes Bank: The Bombay High Court did not provide any ad-interim relief to Yes Bank co-founder Ashok Kapur’s widow Madhu Kapur, who had sought a stay on the appointment of two directors to the board of the bank.