Index trend and stocks in action February 07, 2017

On February 6, 2017, the Nifty opened the session with an upside gap of about 45 points and thereafter it shifted into a sideways trend for the most part of the trading session. There was a minor dip in the afternoon session, but buyers took opportunity for buying on dips. Nifty ended the session above important psychological mark of 8800. On the daily chart a small body positive candle has been formed with small upper and lower wick. This candle does not have any significant predictive value. Now going forward, the key area which is likely to act as a resistance zone stands around levels of 8850-8865. On the downside, important support zone is placed in the range of 8740-8750. The daily RSI has scaled higher and the previous minor negative divergence pattern has been negated.

NBCC: State-owned construction firm, NBCC has signed an agreement with the Jammu and Kashmir Government and Tourism Ministry for integrated development of tourist facilities in the state at a cost of Rs 97 crore.

HDFC: Mortgage lender HDFC sought shareholders' nod to increase the authorised share capital to Rs 350 crore and to consider an employee’s stock option scheme.

Upper Ganges: The Company reported a net profit of Rs 36.70 crore for the quarter ended December 31, 2016. It had reported a net loss of Rs 4.09 crore in the corresponding quarter last year.

Fertiliser stocks: The Finance Ministry has granted Rs 10,000 crore to the Fertiliser Ministry under special banking arrangement to provide loan to cash-starved fertiliser companies at reasonable rates.