Index trend and stocks in action March 03, 2017

On Thursday, Nifty opened the session with a gap up, and it continued its bullish momentum. However, as the Nifty was approaching towards its important psychological level of 9000, a sudden bout of profit booking emerged, and it slipped into negative territory. At the end of the day, the Nifty lost over half a per cent. On the daily chart, the Nifty has formed a ‘Bearish Engulfing’ Candlestick pattern at new swing high levels of 8992.50, which is considered to be a bearish reversal pattern, usually occurring at the top of an uptrend. However, a decisive follow-through weakness below 8860 levels could confirm a sharp reversal pattern. On the upside, the zone of 8990-9000 will continue to act as strong barrier. The daily 14-period RSI is hovering around 64 levels and a negative divergence has been spotted.

Adani Power: The Company informed bourses about allotment of 41 million equity shares upon partial conversion of convertible warrants to promoter group entities.

Geometric and HCL Technologies: The Scheme of arrangement and amalgamation between Geometric, HCL Technologies and 3D PLM Software Solutions has become effective on March 2, 2017. Under the transaction, the entire business of Geometric has been transferred to HCL.

DCB Bank: The lender informed the Exchange that a meeting of the board of directors will be held on March 7, to consider and approve issue of securities to Qualified Institutional Buyers.

Wipro: Wipro said it has completed the $70 million sale of its EcoEnergy division.

Hindalco: Hindalco said that its capital raising committee has approved opening of its Qualified Institutional Placement (QIP) at a floor price of  Rs 184.45 per equity share.