Index trend and stocks in action June 07, 2017

On Tuesday, Nifty opened the session on a positive note and registered a new all-time high level of 9709 in the opening trade. Later on, weakness emerged and Nifty ended the session in negative terrain. On the daily chart, Nifty has formed a ‘Bearish Engulfing’ candlestick pattern. Bearish engulfing pattern is a major bearish reversal candlestick pattern. However, confirmation is required for this pattern. Now going forward the zone of 9610-9630 is likely to act as a support level and if this support is breached next support level is likely to come in at levels of 9550. Whereas, on the upside, the level of 9700-9710 is likely to act as a resistance zone. The outcome of two-day monetary policy committee meeting is due today and it's likely to dictate the movement of the market.

Adani Enterprises: The Company’s stake in Adani Green Energy Limited (AGEL) has been diluted below 50 per cent. Consequently, AGEL has ceased to be a subsidiary of the company w.e.f 6th June 2017.

Adani Power: Board approves the sale of its Mundra power business to its subsidiary Adani Power (Mundra).

Vivimed Labs: The Company’s API manufacturing facility located in Sant Celoni, Spain was recently inspected by the US FDA in compliance with their requirement. At the end of the successful inspection, we have been informed by the investigator that “zero” 483 observations were issued. This was a routine inspection by the US FDA.

Sical Logistics: Wins contract worth Rs 289 crore from Mahanadi Coal Fields.

Reliance Communication: Fitch Ratings has revised Company’s Long-Term Foreign and Local-Currency Issuer Default Ratings to 'RD' from CCC' and revised the bond rating to 'C/RR4' from ' CCC/RR4'.