Index trend and stocks in action May 18, 2017

On Wednesday, Nifty opened on a flat note but dropped up to 9486 in the first half of the session. Nifty recovered in the afternoon session to close marginally up at 9526 levels making second straight record closure. Going forward, in case Nifty gives a turnaround from the current levels amid profit booking, we hold 9470-9450 as the major support levels. However, if Nifty manages to sustain the uptrend in today’s session, then we hold 9550-9600 as the resistance levels. The long term trend remains bullish with volumes following the prices; however, owing to RSI quoting at 73, we may see some profit booking in coming sessions.

CESC: The company is likely to hold a board meeting in today’s session to consider business restructuring plan.

Dabur: Dabur India has made an acquisition of South Africa based personal care companies D and A cosmetics and Atlanta Body and Health Products for consideration of nearly Rs 25 crore.

JSW Steel: The company announced a capital expenditure of Rs 26800 crore over the period of next three years.

UFO Moviez: The company increases stake in its subsidiary Scrabble Entertainment by buying 66609 equity shares.