Index trend and stocks in action February 06, 2017
Chirag Gothi / 06 Feb 2017
On the daily chart, the Nifty has formed a Doji like candlestick pattern, which is indicating a temporary halt in the momentum. Additionally, the zone of 8750-8760 is acting as a stiff resistance as it is 78.6 per cent retracement of major down swing from the high of 8968.70 to low of 7893.80.
In the previous trading session, the Nifty started the session on a flattish note and thereafter moved in a narrow range for the entire trading session. On the daily chart, the Nifty has formed a Doji like candlestick pattern, which is indicating a temporary halt in the momentum. Additionally, the zone of 8750-8760 is acting as a stiff resistance as it is 78.6 per cent retracement of major down swing from the high of 8968.70 to low of 7893.80. Now going forward, Nifty needs to sustain above the zone of 8750-8760 to continue its momentum on the upside. On the lower end, the zone of 8650-8670 is likely to offer support to the Nifty. The Daily14-period RSI is quoting around levels of 73, and it has turned flat, intrestingly seeing a reversal from the zone of 71-74 from the last one year or so RSI.
Godrej Properties: The Real estate company expects to monetise commercial properties worth about Rs 1,500 crore at Mumbai, Kolkatta and Chandigarh over the next six months and reduce the net debt, which now stands at Rs 3,278 crore.
Dr. Reddy’s Laboratories: The Drug major has reported a consolidated net profit of Rs 470 crore for the quarter ended December 31, 2016.
Jet Airways: Jet Airways has reported a fall of nearly 70 per cent in net profit at Rs 142.38 crore for the quarter ended December 2016 as higher fuel expenses and other costs adversely impacted the full service carrier. The airline had reported a net profit of Rs 467.11 crore in the year-ago period.
Jindal Steel: Naveen Jindal-led, JSPL has said it's exploring various options, including divestment, to reduce its debt of around Rs 46,000 crore.
Bharat Forge: Bharat Forge has disinvested its entire stake in Kalyani Polytechnic Private Limited, a wholly owned subsidiary incorporated under section 25 of Companies Act, 1956, w.e.f. February 03, 2017 and consequently Kalyani Polytechnic Private Limited has ceased to be the subsidiary of Bharat Forge.
Grasim Industries: Increases FPI stake limit to 49 per cent from 30 per cent of the total paid up equity share capital.
Aditya Birla Fashion: ‘Forever 21’ launches its first store in Chennai.
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