Index trend and stocks in action April 26, 2017
Chirag Gothi / 26 Apr 2017
The buying momentum is likely to continue, and it’s likely to scale up to levels of 9340-9375. Stocks in action for the day are Wipro, Axis Bank, IDFC Bank, M&M, Va Tech Wabag, Nucleus Software.
On Tuesday, the Nifty opened the session with an upside gap, and moved higher, closing above levels of 9300. Nifty opened the session above the resistance level of 9250-9270, and closed above level of 9300 for the first time ever. The buying momentum is likely to continue, and it’s likely to scale up to levels of 9340-9375. At present, the daily RSI is quoting around levels of 66, and this suggests there is still steam left for the index to move higher, as RSI has not touched the overbought zone. Whereas, on the downside, level of 9270 is likely to offer support for the Nifty, and if this level is breached the zone of 9220-9200 may act as a support for the Nifty.
Wipro: Wipro's net profit rose 20 per cent to Rs 2304 crore for the fourth quarter ending March, 2017. The company also announced a bonus issue in the ratio of 1:1.
Axis Bank: The private sector lender, Axis Bank will announce its financial results for the quarter ended March 2017.
IDFC Bank: IDFC Bank’s net profit rose 7 per cent to Rs 176 crore in the fourth quarter ended March 31, 2017 from Rs 165 crore in the year-ago period.
M&M: Mahindra Overseas Investment Company (Mauritius) Limited ('MOICML'), a wholly owned subsidiary of the Company, has acquired 100% of the Equity Share Capital of Mahindra Automotive, North America Inc.,('MANA') in USA. In view of this, MANA has become a wholly owned subsidiary of MOICML, and in turn of M& M with effect from April 25, 2017.
Va Tech Wabag: Company's subsidiary in Spain, VA Tech Wabag S.L.U, Spain has been liquidated.
Nucleus Software: Proposes buyback of up to Rs 118 crore at Rs 350 per share.
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