Index Trends And Stocks In Action April 20, 2015

Indian equity market continued its losing streak for third successive trading session. Sentiments took a hit as recent earning by TCS and Mindtree failed to meet street expectations. Selling was visible in Technology stocks, Pharma and select banking stocks. However Metal stocks showed some resilience in dampen market conditions.  Nifty index on daily chart has formed Bearish Three black crows’ candlestick pattern. This pattern indicates a strong reversal in the market. Now index has closed below its important support level of 21-day EMA which is adding further strength to the bears. Now going forward index has strong support in range of 8520-8500. If index sustains this support expect a pullback rally up to levels of 8660-8710. On downside if 8520-8500 is taken expect correction up to levels of 8380-8300.

Reliance Industries (RIL) reported on Friday for the Q4FY15, Consolidated Profit rose 8.5% over prior year period to Rs 6,381 crore and turnover was down 33.3% at Rs 70,863 crore, against Rs 1,06,208 crore during the year-ago period, primarily due to a 50% annual fall in benchmark oil prices. Exports from India were 44% lower at Rs 37,480 crore, owing to lower oil prices. Consolidated Profit rose 8.5% over prior year period to Rs 6,381 crore.

LIC Housing Finance posted a marginal 2.2% increase in net profit to Rs 378.18 crore for the quarter ending March and decided to pay a dividend of Rs 5 per equity share of Rs 2. Total income has increased to Rs 2,860.59 crore for the quarter under review, from Rs 2,477.94 crore a year ago.