Index trend and stocks in action November 23, 2016

After a sharp fall on Monday, the Indian benchmark indices opened with an upside gap and started to display intraday weakness soon after opening. Later on it shifted into a choppy range in mid-afternoon session. However, buying interest emerged in the last hour of trading session. On the daily chart Nifty has formed a ‘Bullish Harami’ candlestick pattern, and this pattern is considered as reversal pattern. But, we need follow through up move in coming trading session to confirm this as a reversal pattern. The Nifty is holding on to its important support zone of 7900. The level of 7900 may continue to offer support to the Nifty. On the upside, the zone of 8080-8130 may act as a stiff resistance for Nifty.

L&T: L&T has reported 84 per cent higher profits at Rs.1436 crore for the second quarter even as revenues are up by 8 per cent at Rs.25,011 crore. The profits were boosted by divestment gains, other income and lower interest costs. The company has maintained its order book growth guidance at 15% and its revenue growth guidance at 12-15 per cent.

Bharti Airtel: Telecom major Bharti Airtel said it has completed acquisition of 4G airwaves of Aircel in all the eight telecom circles under their Rs 3,500 crore spectrum trading deal.

Bosch: Bosch India has launched its first accelerator programme for start-ups, called ‘discover nurture and align-DNA’. The 18-week programme is an intense development, mentoring and piloting platform for start-ups.

IRB Infra: IRB Infra has reported 5 per cent lower net profits at Rs.142 crore owing to higher financing costs in the second quarter. Revenues, however, were higher by 12.3 per cent at Rs.1290 crore.