Index Trends And Stocks In Action July 21, 2015

The Indian Equity market prolonged its consolidation in the absence of any fresh trigger; however stock specific activity, all the cement stocks closed a higher level after the announcement of better than expected earnings from Ultratech cement.  On the daily chart the index has formed a hanging man candlestick pattern near its resistance zone. Now going forward if nifty sustains below the level of 8550, this would be the first indication of a reversal of the trend. On the upside the level of 8645 will act as a stiff resistance for the index. Today index heavyweights like Infosys and HDFC Bank will announce its quarterly results and are likely to dictate the direction of the market.

Reliance Infrastructure: Reliance Infrastructure-led Mumbai Metro One said it will seek metro operational subsidy from the state government to keep the fares lower, even as the fare fixation committee has recommended its revision in the range of Rs 10 to Rs 110 for the over 11-Km-long corridor.

Infosys: India’s second largest software service company Inofsys is all set to announce its quarterly results today.

BhartiAirtel: BhartiAirtel said it has entered into an agreement with France-based telecom operator Orange to sell its four subsidiaries in Africa.

Oberoi Realty: The Realty major said that it has raised over Rs 324 crore through preferential issue of shares to Aranda Investments, an indirect subsidiary of Temasek Holdings.

Sun pharmaceuticals: The Pharma major said its revenue in fiscal 2016 would be flat at best as it struggles to fix manufacturing problems at Ranbaxy laboratories which it bought