Index trend and stocks in action March 31, 2017
Chirag Gothi / 31 Mar 2017
Now going forward, the level of 9185 is an immediate resistance for Nifty, and if it holds above this level, expect up-move upto levels of 9220. On the downside, the level of 9125-9135 is a strong support.
On Thursday, the Nifty opened the session on a flat note, and thereafter it moved higher. However, volatility was witnessed towards the second half of the session on the back of March series F&O expiry, but bulls staged a comeback and ended the session near day’s high. On the daily chart yet another bull candle has been formed, so this is the third bull candle in three successive trading sessions, which resulted in formation of Three White Soldiers pattern. However, its not a perfect textbook one it somewhat resembles. Now going forward, the level of 9185 is an immediate resistance for Nifty, and if it holds above this level, expect up-move upto levels of 9220. On the downside, the level of 9125-9135 is a strong support.
L&T: Larsen & Toubro (LT) announced that it has won new orders worth Rs 4,000 crore from the hydro carbon sector.
Mukand Ltd.: Speciality steel maker, Mukand Ltd., and Sumitomo Corp of Japan have signed an agreement to form a joint venture that will set up a rolling mill in Karnataka.
Cadila Healthcare: Cadila Healthcare has acquired all shares held by its subsidiary companies. Subsidiary companies include Zydus Pharmaceuticals USA Inc., Zydus Healthcare USA LLC, Zydus Noveltech USA and Bremer Pharma GmbH, Germany. All four entities now have become direct overseas subsidiaries of the company.
JMC Projects (India): Secures two new orders worth Rs 1,098 crore. One is a residential project with a cost of Rs 531 crore.
Jindal Steel and Power: The company has said that the board has approved issuance of 4.8 crore convertible warrants to Opelina Finance and Investment Ltd., a promoter group entity, on a preferential basis.
Power Grid Corporation: The Company approved investments worth Rs 429 crore.
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