Index trend and stocks in action March 23, 2017

On Wednesday, the Nifty opened the session with a downside gap, and thereafter it shifted into consolidation mode, however, weakness emerged in the afternoon session, and it ended the gap near the lowest point of the day. Now going forward, the zone of 8980-9000 is a crucial support level for the Nifty. Firstly, the opening upside gap which was formed as on March 14, 2017 is placed around this range, and secondly, the 20-day EMA is placed at levels of 8985. Lastly, the zone of 8980-8990 is the previous intermediate top, and hence, previous top has turned support. So traders will keep a eye on this zone, and a breach of this zone may invite correction up to levels of 8900. On the upside, the zone of 9080-9100 is likely to act as a stiff resistance zone. 

Delta Corp: The Company plans to raise upto Rs 750 crore through issue of equity shares or other securities via qualified institutional placement (QIP).

Sadbhav Infra: Awarded 'L1' HAM project by the National Highway Authority of India for 4-laning of Waranga to Mahagaon in Maharashtra.

Hindustan Zinc: Hindustan Zinc Ltd., has declared special interim dividend of Rs 27.50 per share of Rs 2, for FY17.

Divi’s Laboratories: Receives import alert from U.S. FDA for its Visakhapatnam unit under clause 66-40 and 99-32 of the FDA regulations.