Index trend and stocks in action April 17, 2017
Chirag Gothi / 17 Apr 2017
Now going forward, the level of 9130-9135 is a crucial support area, and it also coincides with 21-day EMA. A breach of 9130-9135 levels may open up for correction up to levels of 9060.
On Thursday, Nifty opened on a flattish note, and soon after opening it drifted lower. Selling pressure intensified in the last leg of the trading session, and Nifty ended the session near the lowest point of the day. On the daily chart, Nifty has breached its rising trend line support, and it has also closed below its crucial short term moving average i.e. 13-day EMA. Now going forward, the level of 9130-9135 is a crucial support area, and it also coincides with 21-day EMA. A breach of 9130-9135 levels may open up for correction up to levels of 9060. On the upside, the level of 9175-9180 is likely to act as an immediate resistance as it's the 13-day EMA. If Nifty holds above the level of 9175-9180, it is likely to open for upside up to levels of 9220-9240.
Reliance Infrastructure: Reliance Infrastructure reported a consolidated net profit of Rs 40.94 crore for the March quarter against a net loss of Rs 327.41 crore in the corresponding quarter last year. Total income for January-March 2017 quarter was down by over 12 per cent.
DCB Bank: Private sector DCB Bank reported 24.3 per cent fall in net profit at Rs 53 crore for the fourth quarter ended March 2017. The bank had reported net profit of Rs 70 crore in the corresponding quarter last year.
Balaji Telefilms: Launched a full cloud-based digital entertainment platform called 'ALT Balaji' which will be a wholly-owned subsidiary of the company.
Berger Paints: Board approves scheme of amalgamation of BJN Paints India Ltd., a wholly-owned subsidiary of Bepee Coatings Pvt. Ltd., which is a wholly-owned subsidiary of Berger Paints, with itself.