Index trend and stocks in action May 08, 2017

On Friday, Nifty opened the session with positive bias and registered a fresh all time high around the levels of 9377 at the opening trade. Thereafter it traded within a narrow range, However, Nifty suffered a setback in afternoon trades as sudden bouts of profit booking emerged and nifty ended the session near days low. On the daily chart Nifty has formed a ‘Bearish Engulfing’ like candlestick pattern which has managed to engulfed the price action of past 4-5 trading session. The formation of candlestick pattern along with a close below its important psychological level of 9300 could have negative impact on the market in the short term. However, Nifty has strong support placed in the region of 9200-9220. On the upside, immediate resistance is placed around the levels of 9350 and next resistance stands at around the levels of 9380. 

Veto Switchgears and Cables: The Board of Directors, have approved preferential offer & issue of up to 45,00,000 (Forty Five Lacs) convertible warrants convertible into an equivalent number of Equity Shares of face value Rs. 10/- each to Mr. Akshay Kumar Gurnani, & Mr. Mohan Das Gurnani; both belonging to its promoter group. 

NMDC: Production & Sales of Iron Ore (Provisional) up to the month of April 2017 are as following Produced a total of 2.98 million tonnes and sold 3.56 million tonnes.

Mahindra Lifespace: Allots 1.02 crore equity shares of face value of Rs 10 each at a price of Rs 292 on a rights basis. 

Parag Milk Foods: Parag Milk Foods enters into the beverage market with pure Alphonso drink enhanced with dash of milk. 

SMS Pharmaceuticals: Increases its total holding to 41.52 per cent in VKT Pharma by investing an additional Rs 1.5 crore at Rs 225 per share. 

TCS: Tata Consultancy Services Launches First Drones Research Lab in Cincinnati, Ohio. 

Maruti Suzuki: India’s leading carmaker Maruti Suzuki has opened bookings for the all-new DZIRE at more than 2,000 dealerships across the country.