Index trend and stocks in action August 03, 2017

Nifty opened the session on a positive note and it traded sideways for better part of the session. However, volatility was seen post the outcome of RBI’s policy review meet and it slipped lower to end to 10,082. There is a formation of Outside bar on the daily chart of the Nifty, as per candlestick pattern it resembles ‘Bearish Engulfing’ pattern. Going forward, the level of 10,138-10,140 will be a crucial hurdle for the market. If Nifty sustains above this level it may scale higher up to levels of 10,200 and 10,240. On the flip side, the level of 10,000 is a crucial support and next support is seen around the level of 9,920-9,940.   

Bajaj Finance: The company has entered into a Subscription Agreement with One MobiKwik Systems Private Limited ('MobiKwik') for acquisition of 10 equity shares and 2,71,050 compulsory convertible preference shares (CCPS). Post conversion of CCPS, the company would hold approximately 10.83 per cent of equity in MobiKwik on a fully-diluted basis. The value of the transaction envisaged is approximately Rs. 225 Crores.

Majesco: The company transfers its Pune property to AP Estates LLP for Rs 15.55 crore.

GAIL: GAIL commences 100 per cent construction work in Kerala stretch of KKMBPL Project.

Sical Logistics: To provide a corporate guarantee to the extent of Rs 40 crores to Kamarajar Port Limited on behalf of the company’s subsidiary for execution of the modification project.

Raymond: NCLT has sanctioned the scheme of amalgamation between subsidiaries.