Index trend and stocks in action January 11, 2017

On Tuesday, the Nifty opened with a upside gap, and thereafter moved in a narrow range for the most part of the trading session. However, some action was seen in the last one hour of the trading session where bulls took the charge and helped the Nifty to end with gains of 0.64 per cent. The Nifty after registering a recent swing low of 7893 has maintained its sequence of lower top lower bottom. Now going forward, a stiff resistance for the Nifty is placed around levels of 8330-8340, which is also 61.8 per cent retracement level. A decisive move above this zone will open up for levels of 8400. On the downside, the zone of 8210-8230 is likely to act as a strong support. RSI is quoting around levels of 59, and it needs to cross the level of 60, for the momentum to continue on the upside.  

Somany Ceramics: Company issues commercial paper worth Rs 15 crore having maturity on March 27, 2017.

Ess Dee Aluminium: Company gets notice from State Bank of India to discharge liabilities.

Endurance Technologies: Company’s German unit, Endurance Amann GmbH has commenced operations at its new machining plant from January 10.

UCO Bank: Public sector lender has slashed its benchmark lending rate by 0.7 per cent to 8.60 per cent for 1-year tenor.

Hind Rectifiers: Company to consider rights issue of equity shares on January 15.