Index trend and stocks in action January 19, 2016

The Indian markets traded cautiously in the first of half of trading session. However, as the day progressed the indices suffered a setback as they went through a sharp sell-off and ended below 7400 mark. The index opened around levels of 7420 and the bulls defended this level for the first half of the trading session, however, once the level of 7400 was breached it witnessed ferocious selling. Now going forward level of 7290 is a strong support for the index. If this level is breached next important support is around 7180. On the upside levels of 7425 will act as a stiff resistance. The Daily 14-period RSI has slipped below 30 mark and is quoted at levels of 28. It has been observed in past that RSI 22-25 acts as a strong support and index has seen a major bounce back after touching these levels.

Strides Shasun: Pharma Company Strides Shasun got competition regulator CCI’s approval to procure seven brands from consumer healthcare firm Johnson and Johnson.

Pipavav Defence: Reliance Infrastructure has completed the takeover and management control of recently acquired Pipavav Defence and appointed Mr Anil Ambani as the Chairman. The board also decided on the issue of equity shares/equity linked securities to qualified institutional buyers upto Rs 1,500 crore, subjected to the approval of the shareholders.

Asian Paint: Asian Paint reported a consolidated net profit of Rs 463.28 crore on net sales of Rs 4,102.95 for the third quarter ended 31 st December, 2015-16.

Delta Corp: Delta Corp reported a consolidated net profit of Rs 7.7 crore versus loss of Rs 0.42 crore y-o-y basis. The consolidated total income stood at Rs 293.2 crore versus Rs 321.1 crore.

Maruti Suzuki: Maruti Suzuki India that had launched the S-cross in August last year has now brought down its prices by over Rs 2 lakh.

Reliance Industries: An Index heavyweight Reliance Industries is set to announce its quarterly results today.