Index trend and stocks in action February 03, 2017

Nifty opened the session on a flattish note and shifted into a corrective mode during the early part of the session. Buying was witnessed on lower levels and the Nifty touched intraday high levels, however, in the last half an hour of the trading session, profit booking emerged at higher levels and Nifty ended the session with minor gains of 17 points. On the daily chart it formed a ‘Spinning Top’ candlestick pattern around 78.6 per cent retracement level, and this spinning top pattern indicates indecision and subsequent consolidation.  The zone of 8750-8770 is likely to act as astiff resistance in the near term. On the downside, the level of 8670 is likely to act as a strong support for the Nifty.

Ujjivan Financial Services: Commences operations as a small finance bank from February 1, 2017 completing business transfer of its operations to Ujjivan Small Finance Bank.

Aegis Logistics: The company is looking to increase its stake in Sea Lord Containers Ltd., by 8.53 per cent, by offering the public shareholders a price of Rs 576.1 per share.

Subros: Company receives an order of 306 kits of HVAC units from Indian Railways, Varanasi for which supplies are to be executed.

Narayana Hrudalaya: JP Morgan Mauritius Holdings will be exiting from the company by selling 1.5 million shares. Franklin Templeton enters the company by buying 1.84 million shares.