Index trend and stocks in action July 21, 2016

Indian benchmark indices started off the session with marginal losses and thereon it moved in a tight range for the first half. Bullish momentum in the Pharmaceutical stocks lifted the sentiments in the last hour of the trading session and Nifty closed near the higher level of the day. On the daily time frame the Nifty formed a ‘Bullish Marubozu’ candlestick pattern as against ‘Hammer’ candlestick pattern which was formed on July 19, 2016. The bullish marubozu candle indicates that buyers were in control of the price from the opening bell to the close of the day. Now going forward the zone of 8600-8630 will act as a stiff resistance for Nifty. On the downside, level of 8470 will act as a key support for Nifty. Nifty in the last 4-5 trading sessions has been moving in a range where 8470 is a key support and 8600 is a resistance level, and a move on either side will decide further proceedings.

VRL Logistics: The company has decided to drop its plans to venture into the aviation space. In the month of May, the company had announced its intent to foray into the civil aviation space by launching a regional airline.

Infosys: Infosys has once again been seeing a spate of exits at the top. Recently, its global immigration head, Vasudeva Nayak put in his papers.

HPCL: HPCL has announced that the board of directors of the Company at its meeting held on July 21, 2016, inter alia, have considered and recommended increase in authorised share capital to Rs 2500 crores; and further recommended capitalisation of reserves and issue of full paid bonus shares in the ratio of 2 bonus equity shares of Rs 10 each for every 1 existing equity share of Rs 10 each, subjected to approval of the shareholders, which is to be sought at the Annual General Meeting of the Company scheduled on September 8, 2016.

Sun Pharma, Aurobindo Pharma and Glenmark Pharma: Sun Pharma, Aurobindo Pharma and Glenmark Pharma have received approval from the United Stated Food and Drug Administration (USFDA) to manufacture and market generic versions of a blockbuster cholesterol drug, Crestor, in the American market.

Dabur: Dabur has forayed into the fizzy drinks market with the launch of a range of fruit juice based aerated beverages as an extension of its brand ‘Real’. The new range named ‘Real VOLO’ will be available in two variants.