Index trend and stocks in action October 24, 2016

Nifty after registering a swing low of 8506.10 levels witnessed a strong bounce back owing to positive global cues and short covering; thereafter, the Nifty has moved in a narrow range. Now going forward the zone of 8610-8620 will act as an immediate support for Nifty. A decisive move below this zone will open up for correction up to levels of 8530-8500. On the upside, Nifty needs to sustain above the zone of 8730-8750, and if it does the sequence of lower top and lower bottom pattern unfolding from the recent swing low of 8968.70 will be breached. A close above 8730-8750, may open up gates for up-move up to levels of 8830-8860.

 Lakshmi Machine Works: Lakshmi Machine Works to consider buyback of shares on October, 26.

Deepak Nitrite: Fire broke out at Deepak Nitrite manufacturing facility in Roha (Maharashtra). Fire broke out at one of the distillation columns of the facility. This resulted into temporary stoppage of production of one of the intermediates.

Mahindra & Mahindra: Mahindra & Mahindra said it has acquired UK-based two wheeler maker BSA Company for 34 lakh pounds (around Rs 28 crore). Classic Legends Pvt. Ltd., an arm of M&M, has acquired 1.2 lakh shares of BSA.

Apollo Tyres: Apollo Tyres is setting up a €475 million green-field plant in Hungary in Eastern Europe. This plant will have the capacity to produce 6.2 million tyres for passenger cars and heavy commercial vehicles. This plant will start production early next year and will basically service the European market. When fully completed, the plant will have a capacity to produce 5.5 million tyres for passenger cars and light trucks and 675,000 tyres for heavy commercial vehicles. Apollo products are already available across over 100 countries in the world.

Sun Pharma: Sun Pharma gets CCI approval for deal with RPG Life.

JK Paper: JK Paper submits a tentative offer and draft term sheet to BILT Graphic Paper Products Ltd., regarding the proposed acquisition of two units in Maharashtra.