Index trend and stocks in action March 24, 2017

After witnessing intraday losses for four consecutive sessions, Nifty bounced back to open on a positive note, that too posting an open-low at 9048 levels on Thursday. Thereafter, Nifty witnessed consolidation till the afternoon trade, and posted a sudden spurt in the last half an hour, to close higher at 9086 with 0.6% gains from the previous close. Nifty has managed to close above its crucial resistance of 9060-9070 levels, and also closed just above its 5-days EMA,  placed at the level of 9084. Hence, in case Nifty continues to surge and crosses 9095, we hold next crucial resistance around 9118-9142 levels in the first place. However, Nifty witnessed rising price but falling volumes posting negative divergence. Plus, Nifty rose near to 38.2% retracement of prior downward move, and closed below those levels. Hence, in case of a reversal, we maintain 9019 followed by 8996 as the crucial supports.

Ujaas Energy: The Company received an order for implementation of Grid connected rooftop solar PV system of 669 Kwp in schools and other Government buildings in Delhi. The order is given by Indraprastha Power Generation Company.

Cipla: The company has clarified on the news that US FDA issued import alert on its Tadalafil drug mafe at Bhagwanpur Unit.

Bharti Airtel: The company is set to acquire Tikona Digital's 4G network business to boost spectrum holding in Gujarata and Himachal Pradesh.

Yes Bank: The bank's Yes Bank QIP closes  and has been Subscribed over 2.5. QIP quoted at Rs 1,500 per share