Index trend and stocks in action May 05, 2017

On Thursday, Nifty opened the session on optimistic note and shifted into sideways movement for the first half of the trading session. In the second half of the trading session buying was witnessed and Nifty ended the session near the day’s high. On the daily chart, Nifty has formed a ‘Dragonfly Doji’ like candle pattern.  The formation of candle pattern amid sideways range is of least importance and does not have any predictive value. At present, Nifty is on verge of breakout of the range on higher side. Now if nifty manages to sustain above levels of 9370, doors for up-move upto levels of 9400 may open up. Whereas, on the downside support is placed around the levels of 9300-9320. 

Praj Industries: Praj Industries announced a breakthrough in scale up of its 2nd generation ethanol technology with successful completion and start-up of smart bio-refinery. India’s first integrated bio-refinery is built on the company’s proprietary platform technology- “enfinity” for manufacturing ethanol from agri-waste. 

TVS Motors Company: TVS Motor Company tops J.D. Power 2017 Customer Satisfaction Study for second consecutive year. 

Varun Beverages: The Company has set up a new unit for manufacturing of Pepsi range of products at District Hardoi, Uttar Pradesh and the commercial production / operation has started with effect from May 3, 2017.

Wipro: Seeks shareholder nod to issue bonus shares.