Index trend and stocks in action January 19, 2017

On Wednesday, the Nifty opened the session with a slight positive bias and started to show an upmove during the early part of the trading session. At higher levels profit taking emerged and dragged the Nifty lower. However, towards the end recovery was seen, and the Nifty ended the session with minor gains. On the daily chart the Nifty has formed a small body positive candle with a long upper shadow, which is indicating strong resistance at the higher level. On Wednesday, the Nifty registered a high of 8460, which is the lower end of the opening downside gap that was formed on November 11, 2016. So going forward, the zone of 8460-8510 is likely to continue as a stiff resistance. On the downside, strong support is placed around levels of 8370. In the past 3-4 trading sessions, the Nifty has moved in this range of 8370-8460, and a decisive move on either side is likely to provide a trending move.

Trent: Company to acquire 26.03 per cent stake in Westland Ltd., for Rs 8.42 crore, making it a wholly-owned subsidiary of Trent.

Indiabulls Real Estate: Company’s unit has received Rs 701 crore refund from the Delhi Development Authority following a judgement from the Supreme Court of India.

Infibeam Incorporation: Company to hold meeting on January 24 to consider and approve fund raising plans.

HCL Technologies:  Delhi High Court has sanctioned a scheme of amalgamation between HCL Technologies, Geometric and 3D PLM Software Solutions.