Index trend and stocks in action April 06, 2017

On Wednesday, Nifty opened the session on a positive note and thereafter it registered low of around 9215 in the initial hour of trading. However, it moved higher as the day progressed and ended the session near day’s high. On the daily chart Nifty had formed a Dragonfly doji like pattern, usually formation of this pattern signals indecision among traders. The pattern is formed when the opening and closing prices are almost equal and occur at the high of the day. The long lower shadow suggests that forces of supply and demand are nearing a balance and that the direction of the trend may be nearing a turning point. However, this needs to be confirmed with negative closing in the next trading session. Now going forward, the level of 9300 and 9340 is likely to act as a resistance zone. On the downside, the level of 9180-9200 is likely to act as a strong support zone. Today being RBI policy review meet we expect some volatility in the market.

JSPL: Jindal Steel and Power (JSPL) has seen its output and sales hit a record in the fiscal year 2016-2017. Steel production in the fourth quarter was up by almost 12.3 per cent, even sales increased by 11.2 per cent.
 
Power Grid Corporation: Entered into a loan agreement with Asian Development Bank for an amount of $225 million for part funding of its transmission projects associated with solar power parks.
 
Reliance Defence and Engineering: To hold board meeting on April 11 to approve and revalidate the rights issue of equity shares up to Rs 1,200 crore.
 
IndusInd Bank: To raise funds via issue of NCDs aggregating to Rs 1,000 crore.
 
JSW Steel: Approved issuance of senior unsecured notes worth $500 million. Notes will be listed on Singapore Exchange Securities Trading Ltd.