Index trend and stocks in action January 20, 2017
Chirag Gothi / 20 Jan 2017
On the downside, the zone of 8370-8400 is likely to offer support. However, breach of this support area is likely to trigger a sell-off, and in this case the Nifty is likely to correct upto levels of 8310-8320.
On Thursday, the Nifty opened the session on a flattish note, and thereafter it shifted into a narrow band of 8404-8445, remaining in this range for the whole trading session. At the end, the Nifty ended the session with marginal gains of 0.22 per cent at 8435. On the daily chart there is no significant formation of a candlestick pattern. In the past 4 trading sessions there has been a formation of a series of small body candlesticks. The area of 8460-8510 is likely to act as a stiff resistance. On the downside, the zone of 8370-8400 is likely to offer support. However, breach of this support area is likely to trigger a sell-off, and in this case the Nifty is likely to correct upto levels of 8310-8320.
Bharti Airtel: Chairman, Sunil Mittal said the telecom major is in talks with Telenor for acquiring the Norwegian company’s spectrum in India.
Cement Companies: The Competition Commission of India has imposed an aggregate penalty of Rs 206 crore on seven cement companies. Companies are ACC, Ambuja Cement, JK Cement, JK Lakshmi Cement, UltraTech Cement and Shree Cement.
Motherson Sumi Systems: Company has agreed to buy Finnish truck wire maker, PKC Group, and the deal is pegged at 571 million euros.
Cadila Healthcare: Company acquires Sentynl Therapeutics Inc., a U.S. based specialty pharmaceutical firm.
Adani Ports & Special Economic Zone: Company has raised $500 million by allotment of fixed rate senior unsecured notes.
Adani Enterprises: company sets up three-fully-owned step-down subsidiaries with a paid up share capital of Rs 1 crore each.
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