Index trend and stocks in action January 10, 2017

On Monday, the Nifty opened the trading session with marginal gains and shifted later into an intraday sideways range for the entire session. Nifty ended the session with marginal losses of 0.09 per cent at 8236. At present, the Nifty is hovering around its crucial support zone in the range of 8200-8235.The question now is, why the range of 8200-8235 is a crucial support zone? Firstly, the 50-day EMA is placed around levels of 8225; and secondly due to the previous swing high i.e. 8200-8240 as per the concept of change in polarity. Now going forward, if the Nifty sustains below this support zone, it's likely to touch levels of 8140 on the downside. On the upside, the zone of 8280-8330 continues to remain a major barrier for the Nifty.

Engineers India: The company has received a contract worth Rs 2,500 crore from HPCL for Vizag Refinery.

JSW Steel: The company said that it has produced 43 per cent more steel in third quarter ended December 31, 2016 as against the same period of the last year.

Indusind Bank: Indusind Bank will announce its financial results for the quarter ended December 31, 2016 today.

Ajanta Pharma: Gets U.S. FDA approval for antidepressant drug, Duloxetine.

Jagran Prakashan: Company is seeking shareholders approval to buy back 1,55,00,000 equity shares of Rs 195 each.

Reliance Capital: Company to issue NCDs worth Rs 3 crore with an option to retain oversubscription upto Rs 3 crore.

Eros International Media: Company has received shareholders' approval for issue of NCDs by way of public or private placement.

Valecha Engineering: The Infrastructure firm gets orders worth Rs 56.71 crore for widening of bridge over Mithi River in Mumbai.

Max Venture: Max Venture and Industries, part of Analjit Singh-led Max Group has announced a Rs 147.9 crore fund raising plan, which includes sale of 22.51 per cent stake to a subsidiary of New York Life Insurance Company for Rs 121 crore.