Index trend and stocks in action August 29, 2017

During the last trading session, Nifty opened the session with an upside gap and later moved sideways. On the daily chart, Nifty formed a high wave like a candlestick pattern near the resistance area of 9,920-9,926. Now, going forward, Nifty needs to pierce its strong resistance of 9,920-9,935 to extend its up-move and if it does sustain above the resistance zone it may scale up to levels of 10,000. On the downside, the level of 9,880 is immediate support for Nifty and the next support is seen around the level of 9,840.

Bharti Airtel: Company has informed that as the first step towards the merger, the proposed acquisition of shares has now been completed. With the said acquisition of shares, Tikona Digital Networks has become a wholly subsidiary of Bharti Airtel. The transaction for the trading of the spectrum in Rajasthan circle is still pending for approval from the DoT. 

Vijaya Bank: Vijaya Bank: Vijaya Bank’s QIP has opened with a floor price of Rs 66.36 per equity share.

NTPC: Government to sell 5 per cent stake in company via offer for sale. The floor price of the offer shall be Rs 168. 

Century Plyboards: The Company's Subsidiary Century Ply (Singapore) Pte. Ltd. in Singapore has acquired further 2 per cent stake in M/s. Huesoulin Wood Processing Factory Co. Ltd., Laos, thereby increasing its aggregate shareholding from 49 per cent to 51 per cent.