Index trend and stocks in action September 04, 2017

During the last trading session of the week, Nifty started the session on a positive note and thereafter it traded on a firm level to end the session near the day’s high. On the daily chart, Nifty formed a bullish candle pattern and we have observed a breakout on the upside of the triangle pattern, which is positive for the index. Nifty has also managed to close above the 9,965 level, which was 61.8% of the retracement level of the sharp downward rally. Going forward, we hold the level of 10,000-10,080 followed by 10,137 as the major resistance level. On the contrary, if Nifty turns around for a pullback, we hold 9,910-9,920 as the immediate resistance-turned-support for the Nifty, followed by 9,880. The daily 14-period RSI has at present been quoting at around 56 and if it sustains above the level of 60 it could imply strengthening of momentum on the upside.

JM Financial: JM Financial Products Limited (JM Financial Products), a subsidiary of the Company, has executed the agreement(s) to acquire equity shares/compulsorily convertible securities of Vendiman Private Limited ('Vendiman') in two tranches. Post conversion, on a fully diluted basis, the said acquisition would result in the holding of upto 41.21%.

Cadila Healthcare: Zydus receives final approval from the USFDA for Mycophenolate Mofetil for Injection USP. 

GTPL Hathway: GTPL Hathway Limited awarded prestigious work order by the Home Department, Government of Gujarat for the sum of Rs 48.16 crore. 

UPL: UPL acquires 33.33% in Brazil based Serra Bonita, who is engaged in producing high quality seeds. 

L&T: application filed by subsidiary company L&T Infrastructure Development Projects Limited (L&T IDPL) to form an infrastructure investment trust. 

JSW Steel: Securities and Exchange Board of India has passed an order against JSW Steel imposing penalty of RS 2.5 lakh for non-redressal of an investor grievance in speedy manner.