Index trend and stocks in action January 31, 2017

On Monday, the Nifty opened the session on a negative note and shifted into sideways movement throughout the trading session. Nifty ended the session with minor losses of 8 points at 8632. On the daily chart Nifty has formed a ‘Doji’ candlestick pattern, and this candlestick pattern acts as a reversal candlestick pattern after a strong up-move, however, a confirmation is required on the next day. At present, this candlestick is an indication of confusion amongst the market participants. The level of 8600 is an immediate support level for the Nifty, and a decisive move below this level will open up for correction upto levels of 8540. On the upside, the zone of 8680-8730 will act as a strong hurdle for the Nifty.

Tech Mahindra: Tech Mahindra's Q3 results came as a positive surprise, wherein Q3 profit of Tech Mahindra jumped by 31 per cent to Rs 845 crore, even as total revenues increased by 5.4 per cent to Rs 7557 crore. The big boost was that EBIT margins at Tech Mahindra expanding by 91 basis point to 12.41 per cent, which was largely driven by much better cost control.

Motilal Oswal Financial Services: The company reported a 78 per cent year-on-year increase in consolidated net profit at Rs 89 crore in the December quarter, led by a boost in its home loan business.

Mahindra and Mahindra: Mahindra and Mahindra has launched an upgraded top-end version of its compact SUV KUV100 with additional features price at Rs 6.37 lakh.

Idea Cellular: The third largest telecom company, Idea Cellular unveiled a five point plan to grow its digital revenues, as the arrival of Reliance Jio disturbs the largest segment of voice revenues. The new strategy will focus on entertainment, digital communication, payments, cloud and information offerings.