Index trend and stocks in action July 25, 2017

After a recovery at the end of the last week, Nifty opened with a gap up on Monday at 9,936 i.e. above our crucial resistance level of 9,930 mark. However, markets turned lull in the afternoon session and picked up momentum in the second half of trading session to close at an all-time high level of 9,966 with gains of 0.5 per cent. Considering daily chart, the index has breached its crucial resistance of 9,930 with rising volumes and the daily 14-period RSI has reached a level of 71. Going forward, Nifty may face resistance at key psychological level of 10,000. In case, the Nifty slips below level of 9,950, support are seen at levels of 9,920 and 9,890 for the Nifty.

Just Dial: Considered and approved the proposal of buyback for an amount not exceeding Rs 83.9 crore and a price not exceeding Rs 700 per share.

Idea Cellular: CCI approves proposed merger of Vodafone India, Vodafone Mobile Services Ltd., and Idea Cellular.

Triveni Engineering and Industries: Company has received nod from National Green Tribunal, Principal Bench, New Delhi to carry on manufacturing activities at its Muzaffarnagar unit in Uttar Pradesh.

Patel Engineering: NCLT has approved the Scheme of Amalgamation of Patel Realty (India) Limited ('the Wholly Owned Subsidiary') with Patel Engineering Limited.

Reliance Capital: Shareholders approve demerger of Reliance Home Finance from the company.

Ratnamani Metals: Company has bagged two new orders for supply of HSAW Pipes aggregating to Rs 339.00 crores for approx. Rs 214.00 crores and Rs 125.00 crores, which will be completed by March 2018 and April 2018, respectively.