Index trend and stocks in action July 11, 2017

On Monday, Nifty opened the session on a positive note and, thereafter, extended its gains to close at fresh record high levels. Nifty, after facing strong resistance around levels of 9700-9710, breached the resistance zone and scaled to fresh all-time high levels. Now, going forward, the zone of 9700-9710 may act as a strong support zone as per the theory of resistance-turned-support. On the upside, the level of 9800 may act as a resistance zone and the next resistance seen at the level of 9840. As long as Nifty stays above the 9700-mark, buy on dips would be an ideal strategy.

Bajaj Electricals: The Company has acquired 28 per cent equity shares in Starlite Lighting Limited. 

Cyient: Cyient has subscribed to 49 per cent of share capital of a newly incorporated company, 'Cyient Solutions and Systems Limited'.

Accel Frontline: The Company has completed the sale of its entire shareholding in M/s.Accel Systems & Technologies Pte. Ltd, Singapore ('ASTL') to M/s StarHub Ltd., on July 10, 2017. Pursuant to the aforesaid sale, ASTL is now no longer a subsidiary of the Company.

SBI: Executive Committee of Central Board (ECCB) of the Bank in its meeting held has accorded final approval for divestment of SBI’s stake in SBI Life through Initial Public Offer (IPO). 

Gujarat State Fertilizers and Chemicals: An emergency shutdown of Ammonia-IV plant was taken on 06/07/2017 due to detection of leakage of high pressure process gas from hot header of reformer box. Urea-II plant also shut down due to non-availability of CO2 gas which is by product of Ammonia-IV plant. All other plants of GSFC are operational with supply of Ammonia from Ammonia Storage Tanks. Efforts are being put to rectify the problem and put back the plant on regular operation.  

GMR Infrastructure: GMR Goa International Airport (GGIAL) concludes fund raising for Mopa Airport project.