Index trend and stocks in action February 23, 2017
Chirag Gothi / 23 Feb 2017
Now going forward, the zone of 8960-8970 is likely to act as a stiff resistance. On the downside, the level of 8880 is an immediate support level and major support is placed around levels of 8820. Today being February series Future and Options expiry expect volatility in market.
On Wednesday, Nifty opened the session with an upside gap and moved up further during the early part of the session. However, after registering a new swing high, profit booking emerged at higher levels and Nifty drifted lower in the mid-session. Buying in the index heavyweights like Reliance and Axis Bank helped Nifty to end the session with marginal gains of 19 points. On the daily chart, Nifty has formed a Doji candlestick pattern, and formation of this type of a candlestick pattern after a sharp up-move is an indication of reversal. Though, this pattern needs to be confirmed subsequently. Nifty faced resistance around the levels of 8960 which is very close to the previous intermediate top which was formed on September 7, 2016 around levels of 8969. Now going forward, the zone of 8960-8970 is likely to act as a stiff resistance. On the downside, the level of 8880 is an immediate support level and major support is placed around levels of 8820. Today being February series Future and Options expiry expect volatility in market.
Bharti Airtel: Bharti Airtel acquires strategic stake in financial technology start-up, Seynse Technologies, for the purpose of strategic investment.
Asian Oilfield Services: Wholly-owned subsidiary, Asian Oilfield & Energy Services DMCC, Dubai signs a new contract. Total value of the contract is about $95 million for a total period of five years.
Swan Energy: To hold EGM on February 27, 2017 to pass a special resolution to issue 23.07 million equity shares at Rs 195 each, taking the total consideration to Rs 450 crore to 2i Capital PCC.
Reliance Capital: Issues NCDs worth Rs 10 crore with an over subscription of Rs 20 crore.
GAIL (India): Fixes March 11, 2017 for the purpose of bonus issue.
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