Index trend and stocks in action February 10, 2017

On Thursday, Nifty opened with an upside gap and moved up further during the early part of the session, and registered a new swing high, however, Nifty failed to sustain at higher levels and finally closed the day with marginal gains of 0.11 per cent. After forming a doji like candle as on February 8, 2017,Nifty followed up with a ‘Spinning Top’ candlestick pattern. Nifty was facing resistance at around 8820 levels which is the opening downside gap of September 26, 2016. The gap zone has been filled completely now, however, Nifty failed to sustain around these levels, hence, going forward the zone of 8820-8825 is likely to act as a stiff resistance. On the downside, the level of 8700 is acting as a strong support for the Nifty.

Aptech: Ashish Kacholia bought 6.83 lakh shares for Rs 225.59 per share.

Sical Logistics: Gagandeep Credit Capital Pvt. Ltd., bought 9.1 lakh shares for Rs 232.31 per share.

ICRA: Board of directors approve buyback of a maximum of 88,888 equity shares for price not exceeding Rs 4,500 crore. Total buyback consideration will be Rs 40 crore.

Magma Fincorp: Board of directors approved issue of NCDs worth Rs 2,000 crore in one or more tranches via private placement.

Ind-Swift Laboratories: Fire breaks out in one of the manufacturing blocks of the company in Punjab. No casualties but loss of goods being assessed