Index trend and stocks in action February 09, 2017
Chirag Gothi / 09 Feb 2017
Now going forward, the zone of 8680-8700 is a major support for the Nifty. On the upside, Nifty has an immediate resistance placed around range of 8800-8820. A decisive move above the mentioned resistance is likely to open gates for 8880 in the short term.
On Wednesday, Nifty opened on a flattish note and shifted into sideways trend upto 2:30 PM as market participants were waiting for the outcome of RBI’s policy review meet, and thereafter sharp sell-off was witnessed on the back of no rate cut announcement by the RBI. However, Nifty showed an excellent recovery from the lower levels and closed almost unchanged. On the daily time frame Nifty has formed a ‘Doji’ like candlestick pattern. Now going forward, the zone of 8680-8700 is a major support for the Nifty. On the upside, Nifty has an immediate resistance placed around range of 8800-8820. A decisive move above the mentioned resistance is likely to open gates for 8880 in the short term.
NRB Bearings: Board approves raising of upto Rs 100 crore via a further issue of unsecured, listed, redeemable, non-convertible debentures on a private placement basis.
Venus Remedies: Board allots 9 lakh warrants fully-convertible into equity shares to promoters on a preferential basis.
Hathway Cable: Board approves to sell cable television business via slump sale to subsidiary, Hathway Datacom Central Pvt. Ltd.
Dr. Reddy’s Labs: Expands commercial operations in Europe.
Reliance Communication: Makes an interest payment to the 11.25 percent secured NCD holders on February 7, 2017.
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