Index trend and stocks in action February 09, 2016

The Indian Market witnessed a blood bath with both the major indices losing around one and a half per cent on Monday. Indian market started the day on a muted note and exhibited strength in the first half; however, as the market approached the second half of trading session, it witnessed a bout of selling and Nifty index slipped below the 7400 mark in no time. On the daily chart the index has formed a ‘Bearish Engulfing’ Candlestick pattern and this indicates supremacy of bear’s over the bulls. Now going forward the level of 7330 is a crucial support for the index and a break below that area could possibly lead the index to test lower level of 7200 in the near term. On the upside, the level of 7460 will act as a stiff resistance.

Strides Shasun: Drug maker Strides Shasun has informed it has agreed to buy controlling stakes in an Australian and a Kenyan company for Rs 195 crores.

Oriental Bank of Commerce: The State-owned Oriental Bank of Commerce has planned to raise up to Rs 1,500 crore by the issue of preference shares to the government and LIC.

Dr Reddy: India’s second largest drug maker Dr Reddy will announce its third quarter results today.

Suzlon Energy: Suzlon Energy one of the leading global renewable energy solutions providers in the world has informed that it has issued 1.92 crore equity conversion of 4.950 bonds worth USD 546.91 million.

Tata Motors: Tata Motors has said a lockout has been declared at the Dharwad plant of one of its subsidiaries, Tata Marcopolo Motors following ‘illegal strike’ by workmen over wage negotiations.