Index trend and stocks in action February 01, 2017
Chirag Gothi / 01 Feb 2017
On the upside, the zone of 8675 is a strong resistance for the Nifty, and if it sustains above this resistance, it's likely to test level of 8740-8800.Today being an important economic event i.e. Union Budget, we can expect volatility in the markets.
On Tuesday, the Nifty opened the session on a flattish note and shifted into gradual declines for the entire session. Finally, Nifty ended the session near day’s low with losses of 0.83 per cent at 8561. On the daily chart Nifty has formed a long bear candle as against the doji candlestick pattern, and a long bear candle formed after a doji candle acts as a strong reversal pattern. Hence, this could be a negative signal for the short term. Now going forward, the zone of 8475-8500 is a crucial support for the Nifty, and a decisive move below the mentioned support may open up for correction upto levels of 8430. On the upside, the zone of 8675 is a strong resistance for the Nifty, and if it sustains above this resistance, it's likely to test level of 8740-8800.Today being an important economic event i.e. Union Budget, we can expect volatility in the markets.
ONGC: State-owned ONGC reported almost tripling of its net profit to Rs 4,352 crore in the December quarter of the current fiscal on the back of higher oil prices.
Wonderla Holidays: For the quarter ended December 31, 2016, the company reported a net profit of Rs 4.21 crore, down 65 per cent, against Rs 12.26 crore in the corresponding quarter of the previous year.
Apollo Tyres: Apollo Tyres will announce its financial results for the quarter ended December 31, 2016.
NLC India: The company informed bourses that the board has approved the proposal to buyback shares, not exceeding 8.98 per cent of the total number of equity shares in the paid-up share capital of the company at a price of Rs 99 per share.
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