Index trend and stocks in action February 08, 2017

On Tuesday, the Nifty Index opened the trading session on a flattish note and shifted into a sideways range for most part of the trading session. However, in the second half, market witnessed a profit booking and closed the day with minor upside recovery. On the daily chart, the Nifty has formed a negative candlestick pattern. The opening upside gap of February 6, 2017, has been filled completely. Now going forward, immediate support for Nifty is placed around levels of 8735-8740 as 8739 is 78.6 per cent retracement level of entire down move and secondly, the 5-day EMA is placed around 8740 levels. If Nifty breaches this support, next important support level is likely to come in around levels of 8660-8670. On the upside, the zone of 8810-8820 is likely to act as a stiff resistance in the near term. The outcome of the Reserve Bank of India’s (RBI) two-day policy review on Wednesday would dictate the movement of the market.

NHPC: Board approves buyback of upto 81.13 crore equity shares at a price of Rs 32.25 per share for Rs 2,616.6 crore.

Quess Corp: Enters into a definitive agreement for acquiring Comtel Solutions Pte. Ltd.

Tata Steel: Tata Steel delivers net profit after four straight quarters of losses. Net profit stands at Rs 231.9 crore for the quarter ending December 31, 2016. Also appoints N Chandrasekaran as chairman of the company’s board.

Titan Company: Net profit grows 13.2 per cent in October-December quarter despite demonetisation.

Godawari Power: Lenders agree to a debt restructuring proposal where promoters need to bring in equity contribution of Rs 31 crore. Board also approves preferential allotment of 24,80,000 equity shares to promoters at Rs 125 per share.