Index trend and stocks in action January 12, 2017

On Wednesday, the Nifty opened the session with an upside gap, and thereafter it continued to scale higher, eventually ending the session with gains of over 1 per cent. On the daily chart the Nifty has formed a long range bull candle along with decent volumes and has breached its major hurdle of 8330-8340. This is a positive indication, suggestive of an unfolding of a sharp up-move. On the daily chart we have observed a formation of opening upside gaps on three occasions in the past 5 trading sessions i.e. Jan 5, Jan 10 and Jan 11, 2017, which are still unfilled. This reflects the strength of the trend, and hence, the momentum is likely to continue. Now going forward, levels of 8440-8450 look like a resistance zone and above this zone the Nifty is likely to scale up to levels of 8510. On the downside, the level of 8320-8330 is likely to act as a solid support zone.

APL Apollo Tubes: The Company announced that it has received patents from the Indian Patent Office for two new product designs.

Mahindra Holidays & Resorts: Mahindra Group firm, Mahindra Holidays & Resorts India has increased its stake in Finland-based, Holiday Club Resorts Oy, by buying additional 6.33 per cent shares at a consideration of Euro 4.37 million.

MRF: Tyre major, MRF said it will invest around Rs 4,500 crore in a phased manner over a period of ten years to set up a manufacturing unit in Gujarat.

NTPC: State-run power giant, NTPC said its board has approved an investment of Rs 1,053.41 crore for Dulanga coal mining project with rated production of 7 million tonnes per annum.

ICRA: Birla Sun Life Asset Management Company said it has raised its stake in rating agency ICRA to 9.01 per cent by buying additional 2 lakh shares from the open market.

TCS: IT major, TCS will announce their financial results for the quarter ended December 31, 2016 today.