Index trend and stocks in action May 30, 2016

The Indian market got off to a positive start as investors were largely influenced by the supportive leads from the Asian Markets. The index further capitalised on the momentum and spurted in afternoon trades owing to broad based buying in the stocks. Finally, Nifty closed above 8150 level. On the daily time frame Nifty has formed ‘Three white Soldiers’ Candlestick pattern with 2 consecutive gap ups. Nifty is approaching towards levels of 8220-8240 where it’s likely to face resistance at the level of 8240, which is 61.8 per cent retracement of down move from high of 9119.2 to low of 6825.80. Whereas, immediate support for Nifty is placed around levels of 8110. The RSI is quoting around 69 level. 

Hindalco: Hindalco saw a 123 per cent rise in net profits at Rs 356 crore for the fourth quarter ended on March 31, 2016. Its total income, however, slipped by 7.5 per cent to Rs 8668 crore.

Sun Pharma: The US Department of Justice (DoJ) has instructed Sun Pharma seeking information about the pricing and marketing of generic drugs it sells in the United States.

UCO Bank: Crisil downgrades the ratings of various debt instruments of UCO Bank.

ONGC: State-owned ONGC is considering buying a majority stake in GSPC’s Krishna-Godavari basin gas block, which will help to prevent the Gujarat government firm’s Rs 19,500 crore loan from turning into a non-performing asset (NPA).

Maruti Suzuki: Maruti Suzuki will recall more than 77,000 cars, most of which are the Baleno hatchback, to upgrade an airbag software and fix other problems, taking the number of vehicles that auto makers in India recalled so far this month to about 1.5 lakh.

Tata Motors, M&M and RCom: These companies will declare their quarterly results today.