Index trend and stocks in action April 06, 2016

The Indian market started off the eventful day on a negative note and thereafter shifted into a consolidation mode till 11 am. On the outcome of RBI’s policy review meet, Nifty witnessed a sudden bout of volatility post the announcement of 25bps rate cut. At close Nifty settled around 7600 levels with losses of 2 per cent. The 200-day EMA posed as a perfect hurdle for the index as the index made a number of attempts to cross this hurdle, but all the attempts failed. On the daily time frame ‘Bearish Belt Hold’ pattern has been formed. In this pattern Day 1 is bullish but is followed on Day 2 by a bearish candlestick in which the candle of the Day 2 has no upper shadow. This pattern indicates a reverse in sentiments from bullish to bearish. Now going forward the level of 7530 is an important support for the index. On the upside, level of 7630-7650 will act as a strong hurdle for the index.  The Momentum Oscillator RSI has slipped below key level of 60.

GP Petroleum: GP Petroleum a subsidiary of UAE-based Oil Company Gulf Petrochem FZC, has tied up with the Repsol, Spain’s largest lubricant company for blending and marketing of Repsol lubricant in India.

TCS: Tata consultancy services, India’s largest software services company, has set up an open innovation centre in Nashik to solve social problems in local communities.

Tata Steel: UK's Business Minister Sajid Javid is traveling to Mumbai for meeting Tata Group chairman Cryus Mistry in relation to the group’s plans to exit the UK Steel Industry.

Pfizer: Drugmakers Pfizer and Allergan Plc are scrambling to determine whether to proceed with their plan to merge and move Pfizer’s address, but not its operations or headquarters to lower-taxed Ireland.

Cipla: One of India’s top drugmaker Cipla has set its sights on building a pipeline of speciality drugs in the United States. The company plans to deploy more funds for research and development in respiratory, dermatology, neurology and oncology segments and hopes for the first commercial launch in the US around 2020.

Snowman Logistics: Snowman Logistics has said that the construction of the Jaipur warehouse has been completed and the warehouse is now ready for operations with a capacity of 4200 pallets, thereby taking the overall capability of the company to 98,500 pallets.