Index trend and stocks in action May 10, 2017
Chirag Gothi / 10 May 2017
Now going forward, the level of 9270 will act as a crucial support level for Nifty and next immediate support is placed around the levels of 9250. On the upside, the level of 9350-9380 are key resistance areas for Nifty. Stocks in action for the day are J&K Bank, Dish Tv, Mahindra and Mahindra, IDBI Bank.
On Tuesday, Nifty opened the session on a positive note and thereafter it shifted into a sideways consolidation mode for the most part of the trading session. On the daily chart we have observed formation of a small body negative candle, which does not have any projecting value as it has been formed in a sideways trend. In the past 9 trading sessions, Nifty has been moving in a range of around 9270-9377. Now going forward, the level of 9270 will act as a crucial support level for Nifty and next immediate support is placed around the levels of 9250. On the upside, the level of 9350-9380 are key resistance areas for Nifty.
J&K Bank: The Board of Directors of the Bank at its meeting scheduled for Saturday, 13th May 2017 shall inter alia consider raising capital by way of Qualified Institutional Placements (QIPs), subject to regulatory approvals wherever required including shareholders approval for the same by way of special resolution.
Dish Tv: Competition Commission of India (CCI) approves merger plan with Videocon D2H.
Mahindra and Mahindra: To hold a shareholder meeting on June 13, 2017, seeking to approve the Scheme of Arrangement between Mahindra Two Wheelers Ltd. and itself.
IDBI Bank: The Reserve Bank of India (RBI) has initiated prompt corrective action for IDBI Bank in view of high net NPA and negative RoA.
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