Index trend and stocks in action March 01, 2017

On Tuesday, the Nifty opened the session on a flat note and shifted into a choppy trend with negative bias for entire trading session. Nifty ended the session with loss of 0.19 per cent at 8879.60. Nifty on the daily chart has formed a small negative candle with minor upper and lower shadow. Now going forward, the zone level of 8860 is a crucial support level. Firstly, the 10-day EMA stands around levels of 8860 and secondly, if we plot a trend line from the lows of 7893.80 the level of 8860-65 will emerge as a trend line support area. Hence, the level of 8860 will be keenly watched and break of this support may open gates for further correction up to levels of 8800-8820. On the upside, immediate resistance is placed around levels of 8925, a move above this level may open gates for an upside up to levels of 8970-9000.

NHPC: The government-run company made an offer to buyback 81.13 crore of its equity shares at Rs 32.25 per share, rounding up to an aggregate of Rs 2,616 crore. While a buyback offer should not exceed 10 percent of the aggregate fully paid up capital, this offer constitutes 7.33 percent of the total shares.

Wipro: Software major Wipro offered a new IoT-based solution for wind parks and wind turbine manufacturers that leverages the Hewlett Packard Enterprise (HPE) Windpark Manager 4.0.

Majesco: Company announced the launch of two new solutions, Majesco Enterprise Data Model and Majesco Enterprise Data Warehouse.

Surya Roshni: The company's newly built steel pipe plant in Andhra Pradesh will begin operations from March 1, 2017.

Prism Cement: Rajan Raheja Group-promoted, Prism Cement said it has secured supply of 19,300 tonnes per annum of coal from state-owned CIL's arm, Southern Eastern Coalfields.