Index trend and stocks in action August 04, 2017

Nifty opened on Thursday on an optimistic note but soon slipped into negative terrain and in the second half it extended losses to end just above the psychologically important 10,000 mark. After forming a bearish engulfing candlestick pattern on Wednesday it followed up with a long bear candle on the daily chart. Going forward important support for Nifty is placed around 9,980 level and if it slips below 9,980 level, it may find support around levels of 9,920. On the way up, the level of 10,065 may act as an immediate resistance level and thereafter, next resistance is placed in the region of 10,100-10,140.

Mahindra & Mahindra: The Board of Directors of the company approved sale of part of its shareholding in Mahindra Logistics Limited a subsidiary of the company, as part of the proposed Initial Public Offering (IPO) of MLL.

Tata Global Beverages: Company to sell Russia business unit along with all its assets and operating liabilities for a consideration and to license the brand to the purchasers. Name of the entity with whom agreement is signed Skodnya Grand and Coffee pack, Russia.

Infosys: Infosys, a global leader in consulting, technology and next generation services, announced a definitive agreement to acquire Brilliant Basics, a London-based product design and customer experience (CX) innovator known for its world-class design thinking-led approach and experience in executing global programs.

JBF Industries: The company informed that the Board of Directors will discuss the sale or restructure or reorganisation of the overseas subsidiaries of the company for the reduction in debt exposure of the company in their meeting to be held on 10th August, 2017.