Index trend and stocks in action February 14, 2017
Chirag Gothi / 14 Feb 2017
The zone of 8820-8830 is likely to act as a stiff resistance for Nifty, and if it sustains above this zone, it's likely to scale up to levels of 8890. On the downside, the level of 8700-8720 is a strong support for Nifty, and a decisive move below this zone may open for correction upto levels of 8650 and 8620.
On Monday, Nifty opened on a positive note, but soon after opening the Nifty witnessed profit booking and it moved sideways for the most part of the trading session, eventually ending the session with minor gains. On the daily chart, yet another small negative candle has been formed with a long lower wick. This pattern doesn’t have any significant importance as formation of candle is in the sideways trend. The zone of 8820-8830 is likely to act as a stiff resistance for Nifty, and if it sustains above this zone, it's likely to scale up to levels of 8890. On the downside, the level of 8700-8720 is a strong support for Nifty, and a decisive move below this zone may open for correction upto levels of 8650 and 8620.
Adani Transmission: The company will buyback non-convertible debentures from the existing debenture holders in one or more tranche to a total outstanding 35,800 NCDs of a face value of Rs 10 lakh each, listed in the wholesale debt market segment.
Muthoot Finance: Leading gold financing company in India, Muthoot Finance raises funds worth upto Rs 200 crore via private placement.
SKF India: Approval for proposed buyback of 2.6 million equity shares for Rs 1,500 per share amounting to not more than Rs 390 crore.
Polypex Corporation: Sells its stake in Peninsula Beverages and Foods Company Pvt. Ltd.
Container Corporation of India: Board of directors recommend issue of bonus shares in the ratio of 1:4. Declares interim dividend of Rs 9.6 per share.
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