Index Trends And Stocks In Action April 01, 2015
Indian benchmark indices opened on optimistic note, however market were unable to hold on to their gains as selling pressure in banking and metal stocks dragged index lower. The end of the day action formed a small bear candlestick along with reasonable volumes which indicates bulls losing their strength. Technically, the pullback rally seems to have over around levels of 8550 as index filled gap which was created as on 26th March, 2015. Now going forward zone of 8550-8620 will act as a crucial supply zone as long as price continues to trade below this level we can expect weakness. Trend change will only occur if we breach this supply zone. On downside 8440 is important support and next support is around level of 8380.
Auto makers such as Maruti Suzuki, Tata Motors, M&M, Bajaj Auto, Hero MotoCorp, TVS Motor and Ashok Leyland will announce their March sales figures on Wednesday. Investors and traders expect auto sales in March 2015 to be robust with March 2014 sales being relatively weak; they also see sequential growth in sales though automobile firms did not see any major concessions in the Budget that will come into effect from April 1.
Knowledge process outsourcing company eClerx Services buy Italian digital services firm CLX Europe for 25 million euros, as it looks to increase its retail business and expand into Europe. CLX Europe helps create, manage and deliver media content to support marketing, communication and branding for retail companies. The company, which was owned by private equity firms, reported revenue of 19.4 million euros in 2014, and a profit of 500,000 euros.