Index trend and stocks in action February 16, 2016

Indian Markets staged a blockbuster rally on Monday owing to bargain hunting and driven by strong global cues. The banking stocks were in the limelight, especially the PSU Banks as the Finance Minister Arun Jaitely said that the government will reduce its stake in the PSU Bank to 51 per cent. On the daily chart the index has formed an upside gap on Monday. The hammer candle which was formed on 12th February, 2016 and the candle formed on 15th February, 2016 is indicating a confirmation to the hammer pattern. Now going forward the index has strong resistance around levels of 7200 and once this resistance is taken out the market is likely to scale upto levels of 7270-7330. On the downside, level of 7120 will act as an immediate support for the index and if this level is breached it’s likely to test levels of 7050 on the lower end. 

ICICI Bank: Private sector ICICI Bank has said it has plans to raise up to Rs 50,000 crore from bonds in tranches to fund affordable housing and infrastructure projects.

M&M: Utility vehicle major Mahindra and Mahindra (M&M) plans to invest Rs 8,000 crore on its automotive plants in Maharashtra over the next seven year as part of its expansion plans.

JSW: The JSW group has inked a pact with the Maharashtra government to set up JSW Institute of Skill development and Training for Trainers. The pact was signed among the JSW foundation, the CSR arm of the JSW Group and the Maharashtra government in the presence of Chief minister Devendra Fadnavis.

Reliance: Reliance Jio a subsidiary of Reliance Industries has tied up with 8 global carriers to launch products and services in their markets. These include some marquee global names British Telecom and Deutsche Telecom.

Brigade Group: The Brigade group, one of the biggest developers in Bangalore, announced a new villa project at Devanahalli, near the ‘New’ Bangalore Airport.