Index trend and stocks in action April 20, 2017
Chirag Gothi / 20 Apr 2017
The zone of 9060-9070 is a strong support for the Nifty, and if it slips below this support level, major support is placed around levels of 9000. Stock in action for the day are Reliance Industries, GSFC, Indian Cements, Shalimar Paints, NTPC.
On Wednesday, Nifty opened the session on a flattish note, and shifted into a range bound movement for the entire trading session. A small body negative candle has been formed along with a long lower wick, and this suggests buying interest emerged at lower levels. The zone of 9060-9070 is a strong support for the Nifty, and if it slips below this support level, major support is placed around levels of 9000. On the upside, levels of 9145-9165 are likely to act as a stiff resistance for the Nifty, and a move above these levels may open up for up-move up to levels of 9200-9220.
Shalimar Paints: Equity Intelligence India bought 1 lakh equity shares or 0.53 per cent of the stake in Shalimar Paints at Rs 197.84 per share.
NTPC: The board of directors, in their meeting held on April 19, 2017, has accorded approval for updating and upsizing the USD 4 billion MTN (medium-term note) programme up to USD 6 billion for raising debt from international markets to part finance the capital expenditure on new/ongoing projects, coal mining projects, renovation and modernisation of power stations. The board of directors, in the aforesaid meeting, have approved the proposal to issue Notes up to INR 50 billion (Rupee denominated bonds) and/or upto USD 750 million equivalent (foreign currency bonds other than INR denominated in the international markets either under the MTN programme or on a standalone basis, in one or more tranches.
Indian Cements: Chennai bench of the National Company Law Tribunal (NCLT) approved the scheme of amalgamation and arrangement between Trinetra Cement Ltd., and Trishul Concrete Products Ltd., with the company and its respective shareholders.
GSFC: GSFC has executed an in-principle agreement (in the form of Non-binding term sheet) with Govt of Republic of Congo (ROC) in New Delhi on April 17, 2017 to evaluate the possibility of establishing a Ammonia - Urea Complex at ROC to enhance the agriculture growth in ROC. It is expected that this project will act as a catalyst for ROC by reducing dependency on imported food for feeding the public of ROC. This project will also enhance the bilateral relationship between the two countries.
Reliance Industries: Commissions world's largest and most complex Ethane project with an investment of close to $1.5 billion.
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