Index trend and stocks in action July 31, 2017
DSIJ Intelligence-3 / 31 Jul 2017
Going forward, the level of 9920-9930 is a strong support zone for the index. Whereas, on the upside, immediate resistance is placed around we hold 10,045 followed by 10,100-10,300 as medium-term resistances.
After a formation of shooting star like pattern in the previous trading session. Nifty opened with a gap-down of Friday and tumbled exactly up to 61.8 per cent retracement level of the prior upward rally. This proved to be an intraday major support level and Nifty bounced back to fill the gap at 10,005 levels and ultimately closed flat to negative at 10,014 levels. Going forward, the level of 9,920-9,930 is a strong support zone for the index. Whereas, on the upside, immediate resistance is placed 10,045 followed by 10,100-10,300 as medium-term resistances. However, breach of 9,920-9,930 levels may open gates for correction up to levels of 9830 in the near term.
Lupin: Lupin announced today the successful completion of a GMP inspection as well as PAI inspection (Prior Approval Inspection) carried out by the US FDA at its Pithampur manufacturing facility-Unit 1 without any observation.
NTPC: Shareholders approve raising funds via bonds and NCDs worth up to Rs 15,000 crores.
Marico: Marico South Africa Pty. Limited (MSA), a wholly owned step-down subsidiary of Marico Limited announced the acquisition of business including related intellectual property rights of ISOPLUS, a leading hair styling brand in South Africa from JM Products SA Pty. Limited (JM Products) and Ms. Mary L Harris, its owner for a consideration of 75 million South African Rand (circa INR 36 crore) at a revenue multiple of 1.2. This strategic buyout will enable MSA to become a full spectrum ethnic hair care company in South Africa.
HEG: The company has been granted an Indian patent for an invention entitled ‘A Process for Making High Performance GRAPHITE Nipple’.
Technocraft Industries: The production at a textile plant of the company, situated at Murbad, District Thane, has been stopped to enable the company to upgrade its effluent treatment plant as desired by Pollution Control Authority. The management is taking all necessary steps for the same and the production is likely to re-start in few days.
Reliance Industries: The company clarifies on news item published that company has defaulted Rs 1,369 crore fine and additional surcharge, as there is no demand from MMRDA for payment of any fine or an additional surcharge.
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