Index trend and stocks in action February 17,2017

On Thursday, the Nifty opened the session on a flattish note and shifted into a choppy trend during the early part of the session. Strong buying emerged during mid-session and Nifty closed near day’s high. On the daily chart Nifty has formed a ‘Bullish Harami’ like candlestick pattern. Now going forward, Nifty has resistance placed in the zone of 8820-8830; and on the downside, support is placed in the vicinity of 8700. A move below levels of 8700 is likely to open gates for lower level up to 8640-8620. The daily 14-period RSI has bounced back from about the key support levels of 60, which is positive for the upside momentum of Nifty.

HDFC Bank: Foreign investors can now buy more shares in HDFC Bank as the Reserve Bank of India has removed restrictions imposed on it with immediate effect.

Biocon: US FDA accepts Biologics License Application for Mylan and proposed biosimilar pegfilgratism.

Bharti Airtel: Completes merger with wholly-owned subsidiary, Augere Wireless Broadband India Pvt. Ltd.

Future Enterprises: Board approves issue of NCDs worth Rs 265 crore on a private placement basis.

Idea Cellular & BHEL: Idea Cellular and BHEL are to be dropped from the list of Nifty 50 companies index, and the rebalancing is to take effect from March 31, 2017.

Indian Oil Corporation and Indiabulls Housing Finance: Indian Oil Corporation and Indiabulls Housing Finance are to be the new additions in Nifty50 companies index, and the rebalancing is to take effect from March 31, 2017.