Index trend and stocks in action February 17, 2016

After witnessing a heroic run in the last trading session, the Indian markets struggled to extend their bullish momentum for the second day and ended with losses of over one per cent.  On the daily chart the index has formed a Bearish Engulfing Candlestick pattern, which indicates an end of the recent pull back rally.  Now moving forward the index will try to fill in the upside gap which was created as on 15th February, 2016. For day trading important support for the index is placed around levels of 6980 and next major support is placed around 6860. On the upside levels of 7100-7120 will act as a stiff resistance for the index. The 14-day RSI has turned down from the levels of 40 and is now quoting around levels of 35 and it's likely to touch levels of 28 in the near term, which is placed at the lower end of the range.

Kesoram Industries: B K Birla Group flagship Kesoram Industries is planning to raise Rs 180 crore through a preferential issue of equity shares, to promoter entity, and issue of optionally convertible preference shares to Indusind Bank.

Just dial: The company in a filing informed the exchanges that its buy-back offer of 10.61 lakh equity shares would open for subscription on 25th February and will close on 10th March.

Cipla: Drug maker Cipla said the government has approved an investment by Mauritius based FIL Capital Investments in its subsidiary Cipla Health Ltd. The investment is still subject to other conditions precedent, and the transfer of company’s consumer healthcare business to Cipla Health.

Adani Ports: Adani Ports and Special Economic Zone (APSEZ) has informed that it has raised Rs 750 crore through non-convertible debentures (NCDs) on a private placement basis.

BPCL: State-owned Bharat Petroleum corp (BPCL) has received approval from the Environment Ministry for a Rs 337 crore project at its Kochi refinery in Kerala.