Index trend and stocks in action January 03, 2017
Chirag Gothi / 03 Jan 2017
On the daily chart the Nifty has formed a ‘Hanging Man’ like candlestick pattern, which is a warning of a potential reversal. The formation of this candle comes after a solid rise from the recent swing low of 7893-94 levels, and close to the opening downside gap area resistance which is placed around the level of 8231-8241.
On Monday the Nifty opened with a positive bias and shifted into a choppy trade after showing weakness in the early part. As the day progressed the Nifty witnessed an upside recovery. However, it continued to face some selling pressure at higher levels around 8210-8212, and ended the session with a marginal cut of 0.08 per cent. On the daily chart the Nifty has formed a ‘Hanging Man’ like candlestick pattern, which is a warning of a potential reversal. The formation of this candle comes after a solid rise from the recent swing low of 7893-94 levels, and close to the opening downside gap area resistance which is placed around the level of 8231-8241. Now going forward the level of 8230-8240 is likely to act as a stiff resistance, and if the Nifty sustains above this zone it’s likely to test levels of 8275-8290. On the downside, 8100-8120 may offer a good support to the index.
ICICI Bank: ICICI Bank has cut the base lending rate by 0.70 per cent, making home, auto and other loans cheaper.
Titan Company: Tata Group firm, Titan Company said its jewellery sales have reached “pre demonetisation” level in December, but sales of watches through multi-brand outlets are yet to recover. The retail growth for Tanishq in Q3FY17 is around 15 per cent.
Exide Industries: India’s biggest automotive battery maker has opened a Rs 700 crore assembly facility in Haldia to make the so-called punched grid batteries with technology from East Penn Manufacturing Co., of the US. Exide is the first producer of such batteries in India.
Power Grid: The company has transferred 3.06 crore shares in Power System Operation Corporation to the government.
Tata Motors: The auto company has reported a 2 per cent increase in total sales at 40,944 units in December as against 39,973 units sold in the year ago period.
Hero MotoCorp: Hero MotoCorp has reported a 33.91 per cent dip in its total sales in December 2016 at 3,30,202 units as against 4,99,665 units in the same month of the previous year.
TVS Motors: TVS Motors has reported 8.47 per cent decline in total sales at 1,84,901 units in December.
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