Index trend and stocks in action February 21, 2017

Nifty started the previous session on a flattish note, and shifted into a consistent intraday up move for the entire session. Nifty ended the session near the day’s high. On the daily chart, the Nifty formed a long bullish candle, which is placed besides the long range negative candle that was formed on Friday. The sequence of higher top and higher bottom is intact as Nifty has managed to hold the levels of 8710-8720. Now going forward, immediate support for the Nifty index is placed around levels of 8810-8820. At present, Nifty is placed at the edge of the hurdle of around 8900 levels, which is the previous swing high. A move above levels of 8900 is likely to open gates for up-move up to levels of 8950.

Karnataka Bank: Enters into an agreement with M/s Daimler India Commercial Vehicles for extending facilities to customers purchasing vehicles manufactured by the company.

Siemens: Wins an order worth Rs 297 crore jointly with S.A.U Spain, to supply state-of-the-art signalling technology for the first two lines of the Nagpur Metro.

Ambuja Cement: Net profit rises 59.6 per cent to Rs 175.8 crore and net sales decline 6.7 per cent to Rs 2,196.6 crore.

TCS: Tata Consultancy Services (TCS) said that it would buy back shares worth Rs 16,000 crore at a fixed price of Rs 2,850 each. The company plans to buy back 56.1 million shares, or 2.85 per cent of its equity capital. The share buyback, if successful, will be India’s biggest, surpassing Reliance Industries’ 2012 shares repurchase of
Rs 10,400 crore.