Index trend and stocks in action November 15, 2016
Chirag Gothi / 15 Nov 2016
Nifty has breached its support of 100-day simple moving average. Now going forward major support for Nifty is placed around levels of 8150-8120. The 38.2 per cent retracement level comes around 8150 levels and 200-day simple moving average is placed at 8122.
The Indian benchmark indices opened the session on a negative note with a huge downside gap and continued their move southwards as profit booking was witnessed across the sectors. Nifty on the daily chart has formed sequence of lower top lower bottom from the swing high level of 8968.7. Nifty has breached its support of 100-day simple moving average. Now going forward major support for Nifty is placed around levels of 8150-8120. The 38.2 per cent retracement level comes around 8150 levels and 200-day simple moving average is placed at 8122. A decisive close below the level of 8120 is likely to open for correction up to levels of 7970-8000. On the upside, the zone of 8330-8350 is likely to act as a resistance.
Reliance Communications: Reliance Communications has reported a sharp 80 per cent fall in profits to Rs. 39 crore for the second quarter ended September 2016. There was pressure on margins due to higher financing costs. Interestingly, the financing cost of RCOM increased by 15 per cent to Rs.825 crore. Total revenues for the quarter were down by 4.33 per cent at Rs.5100 crore on the back of intense competition forcing prices down.
Aurobindo Pharma: Aurobindo Pharma reported 33.53 per cent higher net profits for the quarter at Rs.606 crore. Total revenues were up by nearly 14 per cent at Rs.3775 crore for the quarter. Apart from the sharp growth in the formulations business, Aurobindo also benefited from smart operations management, resulting in better cost control.
Tata Motor: Tata Motors announced quarterly results that were slightly below the street expectations. The total revenues for the quarter came in 6.94 per cent higher at Rs.67,999 crore even as the company reported a net profit of Rs.848 crore in this quarter compared to a loss of Rs.1750 crore in the corresponding quarter last year.
Kotak Mahindra Bank: Kotak Mahindra Bank has received RBI approval to open its first branch overseas in Dubai International Finance Centre.
Max Financial Services: Max Financial Service acquires additional one per cent stake in Max Life Insurance for Rs 212.57 crore, thereby increasing its shareholding to 70.01 per cent.
Jaiprakash Associates: Principal instalment in respect of 11.80 per cent NCDs remains unpaid for over three months.
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