Index trend and stocks in action March 15, 2016

Following a healthy trend in the global market, the Indian market started the session on a positive note. As the day progressed the markets managed to build on to the early gains and registered an intraday high of 7583. However, in the end profit booking was seen and the market closed with restrictive gains. The range bound trading continues for the sixth trading session and the range has been around 7406 on the lower side, and 7584 on the higher side. On 14th March, 2016 the index has formed a "Doji Candlestick pattern" and this pattern indicates that there is confusion amongst the market participants with respect to the direction of the market. However, in the past it has been observed that if the index consolidates in this range for more than 5-6 trading sessions, usually in the 8th or 9th trading session it witnesses a major move. Now going forward low of the Doji candlestick pattern will act as an immediate support which stands around levels of 7515. If this level is breached major move is likely to be witnessed in market and next major support is placed around 7400-7430. On the upside, region of 7570-7610 will act as a strong hurdle and any move above this range will open up for up-side momentum up to levels of 7670-7730.

ICICI Bank: ICICI Bank raised $700 million by selling dollar bonds, becoming only the third Indian lender to access global debt markets this year, after a drop in bond yields in Europe and the US revived demand for riskier emerging market debt.

Mahindra and Mahindra: India’s top utility vehicle maker Mahindra and Mahindra plans to invest Rs 10,000 crore over three fiscal years ending March 2018. The company will invest Rs 7,500 crore of the totals in auto, tractor and related business, while the remaining will be used for possible acquisition.

Richa Industries: Richa Industries has been awarded an order of 24-crore by Bharat Electronics for the construction of a pre-engineered building in Navi Mumbai.

ONGC: State owned ONGC is planning to undertake drilling of nine development wells in KG-OSN-2004/1 and GS-49-2 fields besides creation of other infrastructure in KG basin with an investment outlay of Rs 3,750.