Index trend and stocks in action May 09, 2017
Chirag Gothi / 09 May 2017
The zone of 9250-9270 is likely to act as an immediate support level for the Nifty. While on the upside the zone of 9340-9350 may act as a resistance level, while major resistance would be around the levels of 9380. Stocks in action for the day are Tata Sponge Iron, Natco Pharma, Eros International Media, Smartlink Network, Torrent Pharma.
On Monday, Nifty started the session with a gap up and thereafter it shifted into a narrow range for the better part of the trading session. On the daily chart Nifty has formed a ‘Bullish Harami’ like candlestick pattern. The zone of 9250-9270 is likely to act as an immediate support level for the Nifty. While on the upside the zone of 9340-9350 may act as a resistance level, while major resistance would be around the levels of 9380. Post the sharp decline on Friday, the market is not showing follow-through selling could be an indication that market would bounce back. However, breach of 9250-9270 level may open up for correction up to the levels of 9200.
Tata Sponge Iron: Intimation of Environment Clearance for Enhancement of DRI Production from 3,90,000 TPA to 4,25,000 TPA.
Natco Pharma: NATCO launches VELPANAT, generic version of Sofosbuvir 400 mg/Velpatasvir 100 mg fixed dose combination tablets in INDIA.
Eros International Media: Eros International Media announced that it has signed a significant television syndication deal with Zee, for a slate of its forthcoming releases this year, including Sarkar 3, Munna Michaeal and Shubh Mangal Savdhaan.
Smartlink Network: Invests an additional Rs 1 crore in its wholly-owned subsidiary Telesmart SCS.
Torrent Pharma: Completes acquisition of Regestrone and Pregachieve brands from Novartis AG.
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