Index trend and stocks in action May 23, 2017

On Monday, Nifty opened the session on a positive note and thereafter it scaled higher to register high of 9498.65, however, it failed to sustain at higher levels and Nifty made a low of 9428 in the mid-afternoon session. At end of the day, Nifty ended the session with modest gains of 0.11 per cent but near day’s low. On the daily chart, Nifty has formed an Inside bar and this bar is formed when prices of security trades within a range of the previous trading session. Now going forward Nifty has immediate support placed in the region of 9400 and if this level is breached next support level stands at levels of 9370. On the upside, the level of 9500-9510 is a strong barrier for the bulls. If nifty holds above the level of 9500-9510 it's likely to scale higher.

MT Educare:  MT Educare Limited (MTEL), a leading Technology based education service provider in India, announced that it, along with its subsidiary Lakshya Educare Private Limited, has been sanctioned a long-term debt facility from Xander Finance Private Limited (Xander) of Rs. 110 crores. The initial disbursement proceeds from Xander of Rs. 80 crores were utilised largely to repay short-term debt raised by the company from various lenders who had provided loans to the company against promoter Mr Mahesh Shetty's shares, as primary security. With the above deal, MTEL has been successfully able to convert most of its short-term debt outstanding as on 31st March 2017, to long-term debt. 

Shipping Corporation of India: SCI has given physical delivery of its 1 (one) container vessel m.v. ‘Indira Gandhi', to its buyer.

Clariant Chemicals (India): Holding company Clariant AG and U.S. based Huntsman Corp to merge.

Prime Focus: To raise funds worth up to Rs 500 crore via issue of securities to Qualified Institutional Buyers, subject to shareholder approval. To also raise funds worth Rs 300 crore in one or more tranches via an issue of secured or unsecured non-convertible debentures or other debt securities.

Aditya Birla Nuvo: Workmen end the strike at the company's manufacturing unit in Rishra, West Bengal. The contribution loss on account of the aforesaid strike is estimated to be around Rs 3.90 crores.