Index trend and stocks in action April 12, 2017

On Tuesday, Nifty opened the session on a flattish note, and thereafter it entered into an up-move. Later it shifted into a consolidation mode, and ended the session near day’s high. On the daily chart, Nifty has formed a ‘Bullish Engulfing’ Candlestick pattern. Once again the 13-day EMA acted as a strong support level as Nifty bounced back from the 13-day EMA. Now going forward, the level of 9275-9285 may act as a resistance level. On the downside, the level of 9190-9200 is likely to act as a strong support zone. The 14-period RSI turned up from levels of 60, and at present is quoting around levels of 65. 

Reliance Industries: Reliance Jio after withdrawing its 303 offer, following the TRAI order, it has launched a variant of the scheme. The new scheme is named Dhan Dhana Dhan.

Vedanta: Completes merger with Cairn India. Fixes April 27, 2017 as the date for determining list of Cairn's shareholders to whom the equity and preference shares of Vedanta will be allotted.

Reliance Defence: Board approves raising Rs 1,200 crore via rights issue.

Aditya Birla Nuvo: Shareholders approve amalgamation of the company with Grasim and listing of the financial services business.