Index trend and stocks in action January 09, 2017

On Friday, the Nifty opened with a positive bias, and thereafter moved upward, reclaiming its important psychological level of 8300 in the first hour itself. However, the Nifty was not able to hold the level of 8300 as profit booking set in and weakness in IT stocks dragged the index lower. Finally, the Nifty ended the session with losses of 0.36 per cent at 8243.80. On the daily time frame chart, the Nifty has formed a bearish reversal pattern i.e. ‘Dark Cloud Cover’ Candlestick pattern. Additionally, the Nifty index has turned down after touching its 200-day EMA. Now going forward, the zone of 8330-8335 is a stiff resistance as the 61.8 per cent of down turn from the high levels of 8598.45 to low of 7894 is placed in this zone. On the downside, immediate support for the Nifty is placed in the zone of 8210-8220, and if it sustains below this zone it's likely to test levels of 8160-8140.

BEML: Government of India to sell 26 per cent stake in the company out of its 54.03 per cent.

Granules India: The drug maker gets eleven observations from INFARMED, the Portuguese drug regulator, for its facility located at Gagillapur, Telangana.

Hindustan Construction Co: Shareholders approve conversion of loan into equity shares and issue of optionally convertible debentures upto Rs 2,000 crore on a preferential basis.

Orbit Exports: Company is seeking shareholders' approval for bonus issue in the ratio 1:1.

Celebrity Fashions: Company approved issue of 35,00,000 equity shares on a preferential basis to the promoters and directors.

Eid Parry (India): The sugar maker sold 5860.35 metric tonne last, from its factories in Tamil Nadu and Puducherry.

Aurobindo Pharma: Company’s unit to acquire Portuguese pharmaceutical firm, Generis Farmaceutica for Euro 135 million.