Index trend and stocks in action March 28, 2017

On Monday, the Nifty opened the session with moderate losses and shifted into a sharp decline for the better part of the session. It made an attempt to show intraday recovery, but it failed to hold on and ended the session with losses of 60 points. After forming a ‘doji’ like candlestick pattern as on March 24, 2017, it followed up with a long range bear candle, which suggests that bears are just round the corner. However, the zone of 8970-9000 is a crucial support area for the Nifty, and as long as this area is defended by the bulls, buy on dips would be a wise thing to do. On the upside, the level of 9110-9120 would be an immediate resistance for the Nifty. The daily 14-period RSI slipped below crucial level of 60, and at present is quoting around levels of 58. 

Motherson Sumi Systems: Auto components major, Motherson Sumi Systems, said it completed the acquisition of Finnish wiring harness maker, PKC Group Plc for about Rs 4,150 crore, that could be an open opportunity for the company to be part of the modernisation of Indian railways.

UCO Bank: The lender has approved issue of shares to Government of India against proposed capital infusion of Rs 1,150 crore by way of preferential allotment.

Shriram EPC: The Company won an order worth $107.8 million in Tanzania in a joint venture with Larsen & Toubro out of which company’s share will be 25 per cent or $27 million.

Tata Motors DVR: Morgan Stanley Mauritius Company Ltd., bought 55.34 lakh shares sold by Goldman Sachs Singapore Pte.

NIIT: Kotak Mahindra Asset Management bought 15.36 lakh shares or 0.92 per cent stake.

KPIT Technologies: Proficient Finstock LLP, company promoter, bought an additional 43.75 lakh equity shares or 2.22 per cent stake. Promoter holding in the company now increases to 18.94 per cent.