Index trend and stocks in action May 17, 2016

Indian market started the day on a positive note, but soon after opening, the market dipped into the red and traded in negative territory for the most part of the day. However, the market saw a rebound from its 200-day EMA and ended with smart gains. Once again the level of 7770 proved to be an important support for Nifty. The level of 7770 is an important one as the 200-day EMA which is a long term moving average is placed around levels of 7770 and multiple swing lows are placed around these levels. Now going forward the zone of 7770-60 will be an important support level. Only if, Nifty moves below this support level we will witnesses a correction.  On the upside, level of 7890 will act as a stiff resistance and next resistance is placed around 7930. 

BPCL, IOC and HPCL: Petrol Price was hiked by 83 paise a litre and diesel rate by Rs 1.26 per litre, the second increase in rates this month.

BHEL: BHEL has bagged a Rs 16 billion order from a joint-venture company of NTPC and SAIL to set up a coal based thermal power project in Odisha.

NTPC and Coal India: NTPC and Coal India have formed a joint venture that will set up two urea factories on the premises of the sick unit, Fertiliser Corporation of India (FCIL) to help in its revival.

Aurobindo Pharma: Aurobindo Pharma has received a final nod from the US health regulator to manufacture and market its anaesthetic Bupivacaine Hydrochloride injection in the American market.

Brigade Enterprises: Realty firm Brigade Enterprises reported a 20 per cent increase in its consolidated net profit at Rs 41 crore for the quarter ended March.

Sobha Developers: The board of directors meeting of Sobha is scheduled on May 19, 2016, inter alia, to consider a proposal for buyback of equity shares of the company.

Voltas: Voltas will announce its financial results for the Q4 today.