Index trend and stocks in action February 19, 2016

The Indian markets extended its winning streak for the second day in a row and ended the session with gains of over a per cent. On the daily chart the index has formed a potential Spinning Top candlestick pattern, which usually indicates an upcoming reversal in the market. Now going forward the index will face resistance in the zone of 7240-7250, and only if it manages to sustain above this resistance zone it's likely to move further upto levels of 7330. On the downside, the level of 7100 will act as a strong support zone, and if this level is breached, expect a correction upto levels of 7050-6980.

GSPL: Gujarat State Petronet (GSPL) has informed it has bought 27.43 per cent stake in Sabarmati Gas from financial institution for Rs 56.23 crore. Post-acquisition, Sabarmati Gas has become associate company of GSPL.

JSPL: Naveen Jindal led JSPL is in talks with banks for various financing options including the RBI’s 5/25 scheme. The company has also implemented a project, which will qualify for 5/25 scheme.

PNB: State owned Punjab National Bank (PNB) as a part of efforts to raise capital is weighing the options of diluting stake in some of its subsidiaries and selling off real estate assets.

Gayatri Project: The company has ascertained an investment in redeemable preference shares issues by Gayatri Hi-tech Hotels in lieu of outstanding EPC receivables of Rs 235 crore from the latter.

Jet Airways: Jet Airways will expand flight operation to Dubai from its Delhi and Mumbai hubs from next month. The airline would launch a sixth flight of daily frequency on Mumbai-Dubai route from 1st March, while a third daily frequency will be added from Delhi for Dubai on 27th March.

Spice Jet: India’s low cost airline Spice jet has recorded the highest passenger load factor among all airlines in India for the ninth consecutive month in a row.