Index trend and stocks in action May 02, 2017
Chirag Gothi / 02 May 2017
Nifty has support placed in the region of 9250 and breach of this support level may open up for further correction up to levels of 9200. Stocks in action for the day are Indiabulls Housing Finance, Inox Leisure, GAIL, Thermax, ONGC, PNB.
On Friday, Nifty opened the session on a negative note and remained in negative terrain for the most part of the trading session, however, some buying during the last hour of trading session was witnessed which helped index to recover from lower levels and Nifty ended the session with losses of 38 points just above the important psychological level of 9300. Now going forward , Nifty has support placed in the region of 9250 and breach of this support level may open up for further correction up to levels of 9200. While on the upside, resistance is seen at levels of 9340 and if Nifty holds above this level it may extend rally up to levels of 9370 where it may find resistance.
Indiabulls Housing Finance: The rating committee of the rating agency CRISIL, a Standard & Poor’s subsidiary, has upgraded the long-term rating of Indiabulls Housing Finance to “CRISIL AA+ Positive” from its earlier assigned rating of “CRISIL AA+ Stable”.
Inox Leisure: The Company has entered into a Ticketing Agreement with Orbgen Technologies Private Limited (Orbgen) for promotions, marketing and listing of its movie/events tickets inventory and related products and services on the website of Orbgen. Orbgen has set up online and Mobile Application based ticketing platforms which provide immediate window for booking of tickets/passes for cinema/ movies and entertainment events under the brand name 'Ticketnew' and through its website www.ticketnew.com.
GAIL: GAIL awards Pipeline Laying Work Contracts for another 131 Km in Kerala 75 % of Kochi – Koottanad – Mangaluru Pipeline now in Construction Phase.
Thermax: The company has bagged contract from a leading African industry major, for supply of 3 packages Utility Boilers, Heat recovery steam generators and Flue gas steam generators, for its refinery and petrochemical project to be set up in Nigeria. The order is worth USD 157 million.
ONGC: ONGC Exploration Highlights 2016-17. Made a total of 23 new discoveries in 2016-17.
PNB: Bank has reduced Marginal Cost of Funds Based Lending Rate (MCLR) with effect from 01.05.2017.
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