Index Trend And Stocks In Action November 06, 2015

The Indian stock market extended losses for the second successive trading session on Thursday and the Nifty index breached its important psychological level of 8000 on closing basis. On the daily chart the index formed a Bearish Engulfing Candle as on 4^th November and it followed it with a big body bearish candle as on 5^th November, 2015, we can term this candle as a Bearish Marubozu , which indicates the supply is greater than the demand right from the beginning till end. The level of 7930 is a very crucial support for the index and if this support region is breached decisively, it’s likely the index can test levels of 7700 in the short term. On the upside level of 8035 will act as resistance for the bulls and major resistance would be around levels of 8150.

Polaris Consulting and Services: US-based Virtusa agreed to buy majority 53 per cent stake in Chennai-based Polaris Consulting and Services for about Rs 1,173 crore.

Castrol India: The company reported a 21.5 per cent rise in the September quarter net profit to Rs 143.2 crore. The lubricant maker had reported a net profit of Rs 117.9 crore in July-September 2014 quarter.

Torrent Pharma: The Pharma company said it has commenced production from its new plant in Gujarat, the first phase of which has come up at an investment of over Rs 650 crore.