Index Trend and Stocks in action October 16, 2015

After registering losses for three consecutive trading sessions, the Indian stock market made a strong comeback led by a sharp rally in the Banking and Auto stocks. On the daily chart the index has formed a solid base around levels of 8065-8080. Now going forward major resistance for the index stands in the zone of 8210-8250, if bulls manage to breach this resistance with good volumes, it will open up for levels of 8330-8410. On the other hand strong support for the index is placed around 8100 and next major support around 8065. RSI has managed to cross its hurdle of 70 odd levels and if it sustains at a higher level, we can see a breakout on the higher side in coming trading session.

Bank of Baroda: The Enforcement Directorate (ED) widened its investigation into the Rs 6,173 core Bank of Baroda money laundering case after the accused Sanjay Aggarwal a trader who was arrested revealed during interrogation that bank accounts of eight lenders were misused to launders Rs 557 crore through foreign remittances.

Unitech: Unitech is planning to raise Rs 1300-1400 crore in a bid to seep up construction of its existing projects and overcome a delivery backlog and liquidity crunch. The realty major plans to raise the money by selling land and stake in projects.

Reliance: Reliance stock will be limelight as the Index heavyweight is set to announce its quarterly numbers today.