Index trend and stocks in action February 08, 2016

It was a fantastic Friday for the Indian market as indices registered a gain of over 1 per cent owing to positive cues from the European market and some positive news on the FDI. On the weekly chart the index has formed a potential hammer Candlestick pattern and this candlestick pattern occurs in a downtrend acting as a bullish signal that hints at a possible trend reversal. Now going forward index has immediate resistance around levels of 7550 and next major resistance in the zone of 7600-7630. Only if the index sustains above the zone of 7600-7630,  will it be a confirmation of a new bull trend emerging in the market, or else it will be termed as a pullback rally after a sharp decline in the market. On the downside, level of 7400 will act as an immediate support and breach of this support zone will lead to correction up to levels of 7330.

Jet Airways: The second largest airline in India, Jet airways, saw its net profits rise to Rs 468 for the quarter ended 31 ^st December, 2015 as income was up at Rs 5444 crore. The company has benefitted substantially from the sharp fall in the prices of aviation turbine fuel (ATF).

United Spirits, Cummins India, Indo Count Industries, Tata Elxsi, Kpit Technologies, Granules and PC Jewellers: India’s leading bourse National Stock Exchange (NSE) will introduce these seven companies in the Futures and Options segment from 26 ^th February.

 Glenmark Pharmaceuticals: Glenmark has initiated an EMI scheme for Cancer patients in order to help them continue treatment and meet the high cost of medication.