Index trend and stocks in action January 24, 2017

On Monday, the Nifty got off to a dismal start and shifted into sharp up-move during the early part of the trading session, however, it failed to sustain at higher levels as profit booking emerged and in the early afternoon session it slipped lower, but in the last hour of trade buying was seen in select stocks and Nifty closed near the day’s high. On the daily chart, the Nifty has formed a ‘Bullish Piercing Line’ candlestick pattern, which has been formed near 61.8 per cent retracement level. Now going forward, the zone of 8310-8320 is a crucial support for the Nifty, and a decisive move below this level may open up for correction up to levels of 8270. On the higher side, 8430 is an immediate resistance level, and a major resistance level is placed at 8465.

GSFC: Gujarat State Fertilisers and Chemicals (GSFC) has reported 40 per cent decline in net profit to Rs 61.17 crore for the December quarter. Its net profit was Rs 103.66 crore in the October-December period of last fiscal.

MOIL: Government will sell 10 per cent stake in state-owned manganese miner, MOIL, at a floor price of Rs 365 a share, which will fetch around Rs 480 crore to the exchequer.

Manpasand Beverages: Fruit Juice manufacturer, Manapasand Beverages said it will more than double its production capacity in the next 12-18 months.

IDBI Bank: The Central Bureau of Investigation has arrested at least four senior officials of IDBI Bank in connection with a Rs 950 crore loan sanctioned by the bank to the now defunct Kingfisher airlines.

Adani Power: Promoters' shareholding has increased to 65.30 per cent from 64.89 per cent earlier.

Great Eastern Shipping: Unit received contract to sell a platform supply vessel.