Index trend and stocks in action January 30, 2017

On Friday, the upside momentum continued in the market for the fourth consecutive session and the Nifty ended with gains of about half a percent, standing at 8641.Nifty has continued the positive sequence of higher tops and higher bottoms on the daily time frame after registering a low of 7893. The opening downside gap which was formed as on November 2, 2016 has been filled. Now going forward, the zone of 8690-8740 is a major resistance for the Nifty as the level of 8740 is 78.60 per cent retracement of the down-move from higher level of 8968.70 to low of 7893.80. The Daily 14 period RSI has scaled higher and has entered into the overbought zone and current reading stands at 73. This zone has acted as a significant resistance in the past one year and has led to reversal from the highs on the previous occasions. On the downside, major support is placed around 8560, which is 61.8 per cent retracement level of a down move.

Kalindee Rail Nirman: Secures an order worth Rs 197 crore from Dedicated Freight Corridor Corporation of India, pertaining to the design, supply and construction of track and track related works.

Maruti Suzuki: Hikes prices across models from anywhere between Rs 1,500 and Rs 8014. Price hike effective from January 27, 2017.

Bharat Electronics: Defence PSU, Bharat Electronics said it will split its shares in the ratio of 1:10, which will make the stock more affordable to investors and increase market liquidity.

GPT Infraprojects:  The company said it has won a Rs 90.5 crore contract in a joint venture from IRCON International for works related to Kiul-Gaya railway line.