Index trend and stocks in action August 30, 2017

During the last trading session, Nifty opened with a downside gap and thereafter it extended its losses to close near intraday lows. On the daily chart of Nifty it has formed a long range bear candle, which suggests strong selling for the day. Nifty has slipped below its 50-day EMA and has wiped out the entire gains made in the last three sessions. Now, going forward, Nifty has strong support in the region of 9,740-9,750 and if this support is breached, selling could extend up to levels of 9,700 and 9,685. On the other hand, resistances are seen at levels of 9,840 and 9,880.  

Inox Wind: The Company has closed a deal for developing a 100MW wind project for Adani Green Energy, a part of the Adani group at Kutch in the state of Gujarat. 

Tata Power: Tata Power subsidiary Tata Power Renewable Energy generation capacity increased by close to 337 per cent in FY17 as compared to FY16. 

Renaissance Jewellery: Board of Directors in its meeting held today has approved the Scheme of Amalgamation of Housefull International Limited [HIL] and N. Kumar Diamond Exports Limited [NKDEL] both directly and indirectly an wholly owned subsidiary of the Company with the Company under Section 230 to 232 of the Companies Act, 2013 subject to the necessary approvals.

Ujjivan Financial Services: Ujjivan Small Finance Bank, subsidiary of company, granted “scheduled bank” status.