Index trend and stocks in action February 16, 2017

After a strong consolidation of 4-5 trading sessions, finally the Nifty50 on Wednesday witnessed a sharp decline. Nifty ended the session with losses of 67 points. After forming a small body candle with lower wicks, Nifty formed a long red candle, which suggests a top reversal pattern in the daily time frame, but occurrence of a follow through weakness by the next trading session needs to be there, to call it as a top reversal pattern. Now going forward, the zone of 8680-8700 is strong support for Nifty, and a decisive move below this zone is likely to open up for correction upto levels of 8640, where the 21-day EMA is placed. On the upside, the zone of 8750 is likely to act as an immediate resistance and major resistance is placed around levels of 8820-8830.

Centum Electronics: Inaugurates state-of-the-art design and manufacturing facility in Bangalore. Will invest Rs 200 crore over two years to upgrade lines and technology.

Fortis Healthcare: Subsidiary increases its shareholding in Fortis Health Management (East) Ltd., by 6,000 equity shares, which is 12 per cent of total paid-up share capital.

Magma Fincorp: To seek shareholder approval for issuance of debt securities of upto Rs 2,000 crore on a private placement basis.

Reliance Infrastructure: Reliance Infrastructure said its arm RDL has entered into a pact with UAE’s Mubadala Development Company to collaborate on advanced aerospace manufacturing capabilities.

Maruti Suzuki India: Country’s largest car-maker, Maruti Suzuki has launched its limited edition of Ertiga.