Index trend and stocks in action April 07, 2017

On Thursday, Nifty opened the session on a negative note, tracking weak leads from the global markets, and thereafter, it turned sideways with weak bias as market participants waited for the outcome of RBI policy. Soon after the outcome of RBI policy, Nifty displayed upside recovery, and finally ended the session near the day’s high. Nifty formed a small positive candle just besides the dragonfly doji candle. Now going forward, Nifty is likely to continue its momentum on the upside with hurdles placed around levels of 9300 and 9340. Whereas, on the downside, support is placed around levels of 9200 and 9150. The trend for the Nifty remains positive, and buy on dips is an ideal strategy at this moment. 

Arshiya Limited: Seeks shareholder approval to issue equity shares, optionally convertible redeemable preference shares and warrants on a preferential basis.

Reliance Industries: Wholly-owned subsidiary Reliance Jio Infocomm Ltd., withdrew its three months complementary offer. Offer withdrawn post Telecom Regulatory Authority of India’s order.

Gammon Infrastructure: Acquires 24 percent stake in Indira Container Terminal Pvt. Ltd., (ICTPL) for Rs 15 crore. ICTPL has become subsidiary of the company with increased shareholding from 50 per cent to 74 per cent in the paid up equity share capital of ICTPL.