Index trend and stocks in action March 20, 2017

On Friday, Nifty opened the session with a gap-up and spiked up to an all-time high of the 9218 level, but thereafter profit booking was witnessed; and it eventually ended the session flat with gains of around 6 points. On the daily chart there is a formation of a long negative candle, but still there is a lack of clarity about the formation of any reversal pattern as of now, since the weekly chart is strong and other indicators are in a bullish mode. Now going forward, the level of 9220 is likely to act as a resistance, next resistance being around levels of 9300. On the downside, initial support for the Nifty is placed around levels of 9120; and next support around levels of 9060.

GTL Infra: Gets shareholders' approval to issue shares to secured lenders, and to restructure existing FCCBs issued by the company. Post this, the Company would merge itself with Chennai Network Infra.

Indiabulls Real Estate: To issue debentures via private placement method for a tenor of 13 months on March 22, 2017.

NTPC: State-run power producer NTPC said it has commissioned the second unit of 660MW of Mouda Super Thermal Power Station Stage- II.

Welspun India: Home textile player, Welspun India has started its Rs 150 crore Needle Entangled Advance Textile Plant for its technical textiles business at Anjar in Kutch.