Index trend and stocks in action February 15, 2016
Chirag Gothi / 15 Feb 2016
Finally, the D-street had a reason to cheer on Friday as Indian indices snapped their four day losing streak and ended with marginal gains. On the daily chart the index has formed a hammer candlestick pattern, which acts as a bullish reversal pattern after a downturn.
Finally, the D-street had a reason to cheer on Friday as Indian indices snapped their four day losing streak and ended with marginal gains. On the daily chart the index has formed a hammer candlestick pattern, which acts as a bullish reversal pattern after a downturn. However, a confirmation is required for the next day. Now going forward the index has resistance around levels of 7050 and next resistance is placed around 7120. On the downside, immediate support for the index is placed around levels of 6950 and if this level is breached next support is placed around levels of 6900. The Daily 14-day RSI is quoting around 28 and it’s in oversold zone, considering the reversal candlestick pattern spotted on the daily chart and index being in oversold position it's likely we may see a pullback rally from current levels upto a level of 7050.
Sun Pharmaceuticals: Drug maker Sun Pharmaceuticals third quarter earnings surpassed street expectation with profit registering growth of 28 per cent sequentially and y-o-y basis up by 258.3 per cent to Rs 1,141.6 crore. Bottom-line on sequential basis was improved by other income, lower tax cost and good operational performance while lower tax expenses and other income supported profitability Y-o-Y.
Bank of Baroda: Public sector lender Bank of Baroda reported highest ever quarterly loss by an Indian Bank of Rs 3,342 crore in the quarter ended December, 2015 on account of an almost five time increase in provisions for bad loans.
Ceat: Tyre maker Ceat will invest Rs 300 crore to set up a manufacturing facility in Maharashtra to primarily serve export market for off road radial tyres.
MTNL: State-run MTNL reported a contracted net loss at Rs 704.93 crore for the quarter ended December, 2015.
Tata Steel: Tata Steel MD TV Narendran informed the first phase of Kalinganagar plant in Odisha is scheduled to start commercial production at the beginning of next financial year, while the second phase ramp up will happen once demand get better.
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