Index trend and stocks in action February 03, 2016

The Indian markets started the session on a muted note in the backdrop of mixed cues from the Asian Markets. The RBI in its sixth bi-monthly policy review, kept the interest rates unchanged, and this was factored in the market, which did see some bounce back. However, this bounce back didn’t sustain for a long time and the Nifty slipped below 7500 mark. On the daily chart the index has formed an ‘Evening Doji Star Candlestick' pattern, which acts as a reversal pattern after a pullback rally. Now going forward the level of 7400 is likely to act as a strong support for the index, and below this level the index is likely to find next support around levels of 7330. On the upside, levels of 7490-7500 will act as a strong hurdle for the bulls.

DLF: Realty major DLF has reported a 24.4 per cent increase in its consolidated net profit at Rs 163.95 crore for the quarter ended 31 st December, 2015 compared to a net profit of Rs 131.79 crore in the same quarter last year.

Sun Tv: Sun TV announced that it will partner with Yupp TV, the world’s largest over-the-top (OTT) provider of Indian content, to launch 10 channels in four languages in West Asia and North Africa.

Gail: The Supreme Court gave a green signal to Gail to implant natural gas pipelines cutting across seven districts of Tamil Nadu and dismissed the state government’s objection as merely ‘populist’.

Adani Enterprise: Adani Group, led by Gautam Adani has secured the approval of the Queensland government for the USD 16.5 billion Carmichael mine project in the State’s Galilee Basin, clearing one more obstacle to start work on the Coal mine, amid protest from environmental activists in Australia.