Index trend and stocks in action January 02, 2017
Chirag Gothi / 02 Jan 2017
On the daily chart Nifty had formed a Bullish Candlestick pattern and a Bullish Engulfing candlestick pattern on the weekly time frame suggesting that the week gone by was dominated by the bulls. Now going forward the Nifty has resistance placed around the zone of 8230-8240, which also happens to be its 50-day EMA.
On Friday, the market extended its winning streak for the second successive session. Nifty opened the session on a positive bias, and thereafter it capitalised on the momentum and touched an intraday high around levels of 8197. On the daily chart Nifty had formed a Bullish Candlestick pattern and a Bullish Engulfing candlestick pattern on the weekly time frame suggesting that the week gone by was dominated by the bulls. Now going forward the Nifty has resistance placed around the zone of 8230-8240, which also happens to be its 50-day EMA. If the Nifty sustains above the level of 8230-8240, it’s likely to extend its rally upto levels of 8280-8290. However, the Nifty is likely to face stiff resistance around these zones as it is the previous swing high area. On the flip side, the zone of 8100-8120 is likely to act as a strong support for the Nifty.
IOC, BPCL and HPCL: Oil marketing companies increased petrol prices by 1.29 a litre and diesel rate was raised by 97 paise a litre.
Mahanagar Gas: The company has launched CNG-fueled two-wheelers, whose cost of running comes to 60 paise a kilometre and will also help in cutting emission level.
Maruti Suzuki: Country’s largest car maker Maruti Suzuki has reported 1 per cent decline in total sales at 1,17,908 units in December 2016 as against 1,19,149 units in the year-ago period.
Eicher Motors: Royal Enfield, the two-wheeler division of Eicher Motors has reported a 42 per cent jump in total sales at 57,398 units in December 2016. The two-wheeler manufacturer had sold 40,453 units in December 2015 as per BSE filing.
Premier Explosives: The company has bagged an order worth Rs 33.18 crore from the Ministry of Defence for supplying chaffs and flares.
SBI: Country’s largest lender, State Bank of India (SBI) has slashed its benchmark lending rate by 0.9 per cent across various maturities.
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