DSIJ Mindshare

Index trend and stocks in action May 26, 2016

The Indian market got off to a blistering start and this was in line with global markets. Buying was seen in recently beaten down stocks and the banking stocks too helped market to surge higher. Nifty on the daily time frame has formed a ‘Bullish Marubozu’, which indicates buyers were aggressive throughout the trading session. On the daily chart, Nifty has formed a big upside gap. Now going forward Nifty has strong resistance in the zone of 7980-8000 levels. Once this zone is cleared, Nifty is likely to scale upto levels of 8080. On the downside, immediate support is placed around 7879 levels. The daily momentum oscillator, RSI, has bounced back from levels of 45 and is currently quoting around 60 levels.

Tata Steel: For the Q4, Tata Steel has reported a net loss of Rs 3213.76 crore on total sales of Rs 29,507 crore. While total sales were down by 12.4 per cent, the net loss has also fallen substantially from Rs 5674.29 crore in the year ago period.

L&T: After a long time, L&T has been flattering in its quarterly results. Revenues for the fourth quarter have increased by 18.3% to Rs.33, 157 crore while net profit was up 18.5% at Rs.2454 crore.

GAIL: The country’s largest natural gas pipeline operator has posted a 51 per cent jump on a Y-O-Y basis in its profit for the quarter ended March at Rs 770 crore due to increased transmission volumes and trading margins.

Dr. Reddy's Laboratories: Drug major Dr. Reddy's Laboratories has forayed into consumer health products segment in the US market by acquiring six over-the-counter brands from Ducere Pharma for an undisclosed amount.

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