Index trend and stocks in action January 04, 2017

On Tuesday the Nifty opened on a positive note, tracking positive sentiments prevailing in the Asian markets; however, it slipped into intraday weakness during the early part of the session. In the end it did manage to recover from the lows; however, it failed to cross the high which was registered on Monday.  Nifty on the daily chart has formed a ‘Long Legged Doji’ like candlestick pattern as against the hanging man formed on Monday. The opening downside gap, which was created as on December 12, 2016  continues to act as the resistance zone for the Nifty. Hence, traders will have to wait for an upside breakout above the level of 8230-8241 for creating a fresh long position. If the Nifty sustains above 8241 it's likely to test levels of 8280. On the downside, the level of 8120 is a crucial support level for the Nifty.

HDFC: India’s second largest mortgage lender, HDFC has reduced interest rates on home loans.

Bharti Airtel: In an attempt to counter free services offered by new entrant Reliance Jio, the country’s largest telecom operator, Bharti Airtel has announced 3GB free monthly data for a year for users switching to its network by February 28.

Indiabulls Housing Finance: Indiabulls Housing Finance has reduced its home loan rates by 45 basis points, bringing it down to lowest in six years.

Nandan Denim: The Reserve Bank of India has notified that foreign portfolio investors can now invest upto 49 per cent in Nandan Denim against 24 per cent earlier.

Hikal: The maker of chemicals for the pharmaceuticals industry has concluded the sale of its research and development plant in Bengaluru for an undisclosed amount.

Wockhardt: Wockhardt has received a letter from U.S FDA for Ankleshwar plant.