Index trend and stocks in action March 23, 2016

After a disappointing start, the Indian benchmark indices traded in negative territory for the most part of the day. However, recovery in the last one hour of the trading session was witnessed and this once again helped the indices to end higher. On the daily chart the index has followed up ‘Bullish Marabuzo’ with a breather type of candlestick pattern. At present, the index is hovering around 78.6 per cent retracement level from the high of 7979 to low of 6826. Now going forward the index needs to sustain above this level to continue the upside momentum, if it does its likely to test levels of 7780-7800. On the downside the level of 7679 will act as strong support levels for the index.

IDFC Bank: IDFC Bank would replace printing and IT solution firm Ricoh India in BSE’s S&P 500 index, from 28th March.

Wonderla Holidays: Wonderla Holidays announced that its most hi-tech amusement park in Hyderabad is likely to be inaugurated in the third week of April.

Mahindra and Mahindra: Diversified group Mahindra announced the entry into dairy segment with the launch of Saboro brand. The agri business vertical of the group will offer a variety of products, the first of which will be Saboro milk pouch, to be available in four variants.

Ashok Leyland: Ashok Leyland Defence Systems (ALDS) a division of Hinduja Group flagship company Ashok Leyland, has informed that it has selected US-based Lockheed Martin to develop light specialist vehicle and light armoured multi-purpose defence vehicles for armed forces.

Kalpataru Power: Kalpataru Power Transmission has said it has secured orders worth Rs 1,320 crore from Power Grid Corporation.

Mcnally Bharat: Mcnally Bharat Engineering has informed BSE that the Board of Directors of the company have approved in principle a proposal to merge the company; its subsidiary Mcnally Sayaji Engineering; and EMC with Kilburn Engineering.