Index trend and stocks in action July 10, 2017

On Friday, Nifty opened the session on a weak note and later it shifted to trade in a narrow range. However, recovery was seen in the afternoon session and Nifty ended the session with minor losses. On the daily chart, there is formation of 'high wave' like candlestick pattern. Now, going forward, the zone of 9700-9710 is a strong hurdle for the Nifty index, but if Nifty sustains above this zone, it may scale higher upto levels of 9780-9800. On the flipside, the level of 9630 may offer good support; but if this support is breached, then the next support level is seen around the level of 9600. The 14-period RSI is quoting around 60, and as long as it holds above the level of 60, it is good for the index.

Patel Integrated Logistics: To cash in on the just rolled-out goods and services tax (GST), which is very positive for the logistics sector, leading logistics player Patel Integrated Logistics will invest around Rs 80 crore to set up 10 warehouses together measuring over 1 million sqft in the key traffic regions.

Satin Creditcare: To issue 12.3 lakh optionally convertible redeemable preference shares.

Bannari Amman Spinning Mills: The company has completed investment in its Joint Venture company viz., Young Brand Apparel Private Limited thereby making it a subsidiary of company.

Sagar Cement: Cement sales in June, 2017 stood at 2,46,629 million tonne as against 1,77,269 million tonne for the same period in the year 2016.

Sun Pharma: Sun Pharmaceutical Industries Ltd., and one of its wholly-owned subsidiaries have entered into settlements with certain plaintiffs in Modafinil Antitrust Litigation matter currently pending in the United States District Court for the Eastern District of Pennsylvania. The settlements extend to all claims brought by Apotex Corporation and the Retailer Purchaser Plaintiffs. The settlements remain are confidential.

IDFC- Shriram Group: Enter into 90-day exclusive merger talks. Shriram transport finance to de-list post-merger. Shriram Transport will remain as a standalone NBFC. Shriram Transport will become a wholly-owned subsidiary of IDFC. Shriram City Union will be absorbed into bank.