Index trend and stocks in action August 14, 2017
DSIJ Intelligence-3 / 14 Aug 2017
Going forward, the level of 9,680 is likely to act as an immediate support zone and if this support is breached decisively next major support is marked at levels of 9,630. In case of a bounce we hold 9,780-9,840 as the resistances.
Nifty witnessed its fifth consecutive fall on daily basis that too with a gap down opening on the last trading day of the week. Barring Pharma, all sectors dragged the benchmark indices down, where PSU Banks led the move. Nifty attempted to fill the gap in the afternoon session driven by short covering in Pharma stocks, but was yet again pulled down by Metal majors Hindalco and VEDL. On the daily chart, Nifty had formed a long legged doji type candle formation. Going forward, the level of 9,680 is likely to act as an immediate support zone and if this support is breached decisively next major support is marked at levels of 9,630. In case of a bounce we hold 9,780-9,840 as the resistances.
Uniply Industries: Uniply Industries announced that it has entered into an agreement to sell its plywood division, along with linked working capital to its associate UV Boards Limited for a total economic consideration of Rs 300 crores. In addition, in integrated architecture, design and build, and interior fit out services, Uniply with Vector have announced significant wins in design and build turnkey projects to the extent of Rs 1,050 crores.
Bank of Baroda: Issues Basel-III Tier-I bonds worth Rs 850 crore on private placement basis.
Cox & Kings: Cox & Kings announces that the company intends to cancel the listing and trading of its GDRs at Luxembourg Stock Exchange effective from October 30, 2017, subject to the approval of Luxembourg Stock Exchange.
Indian Bank: Bank has introduced a two-tier interest rate structure for savings bank customers, offering interest at 4 per cent per annum for incremental balance above Rs 50 lacs and 3.50 per cent p.a for balance upto Rs 50 lacs.
TVS Motor: TVS Motor merger TVS Credit Services with itself for consideration of Rs 50 crore.
Mahindra and Mahindra: Mahindra Overseas Investment Company (Mauritius) Limited, a wholly owned subsidiary of the company to sell 51 per cent stake in Mahindra Yueda Yancheng.
Vinati Organics: Board approves buyback of up to 2 lakh shares at a price of Rs 1,200 each.
Tata Steel: Tata Steel UK Limited signs documentation for a Regulated Apportionment Arrangement in relation to the British Steel Pension Scheme.
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