Index trend and stocks in action June 21, 2016

On the daily time frame, Nifty has formed a “Bullish Engulfing” Candlestick pattern as against "Doji” pattern as on June 17, 2016. At present, Nifty continues to hover around its 61.8 per cent retracement level of down-move from high of 9119.20 to low of 6825.80. The way forward is quite challenging for the bulls as Nifty has cluster of resistance placed in the zone of 8250 to 8330.  The zone of 8250-8330 is a hurdle for Nifty, firstly because the level of 8245 is a key hurdle as defined by 61.8 per cent retracement level; and secondly the level of 8330 is a previous swing high which was registered in the month of October 2015. In the past Nifty has seen a major dip after failing to cross this level. On the downside, level of 8200 is an important support zone.

Supreme Infrastructure: Supreme Infrastructure has informed that it has won two land development projects for Navi Mumbai International Airport for Rs 398 crore.

Andhra Bank: Andhra Bank has said it proposes to raise Rs 1,000 crore from bonds to fund expansion. The issue shall be opened for subscription on June 22 and will close on June 27.

Nestle: Nestle is embarking on a product offensive mission, launching up to 25 products across various categories to fend off ‘disruptive competition’ from new rivals like Patanjali.

TCS: Tata Consultancy Services (TCS), India’s largest software exporter has formed a strategic partnership with Sernova Financial to deliver its next generation cloud-based derivative post-trade processing service to enable banks to effectively maintain compliance with the changing global regulatory environment while reducing risk.

Quick Heal: Quick Heal announced that it has launched ‘Seqrite Services’ to offer cyber security consulting and ‘Quick Heal Academy’ to impart cyber security education programs, globally.

Apollo Hospital: Apollo hospital group and Hainan Ecological Smart City Group (HESCG), a Chinese infrastructure company have signed a MoU to jointly develop an integrated modern health care service facility and systems in Hainan province, where a smart city is being developed in China’s largest special economic zone.