Index trend and stocks in action September 05, 2017

During the previous trading session, Nifty opened the session with marginal gains and made an attempt to approach the 10,000 mark. However, the index faced resistance resulting in sharp fall. On the daily chart Nifty had formed a long range bear candle, which indicates that bears where in a dominant position. Going forward, if correction continues, we hold the level of 9860 as the immediate support and the next major support is placed around the level of 9800, which is the upward sloping trendline level. However, considering a triangular pattern breakout on Friday’s session and a pullback in the last trading session, we may see a bounce back in the Nifty in coming sessions. With this we hold 9925 followed by 9990 as the resistance levels for the Nifty.

IRB Infrastructure: The company has informed that Udaipur Tollway Private Limited, a wholly-owned subsidiary incorporated for implementation of the six-lane project from Udaipur to Rajasthan and Gujarat border, has received the appointed date from the competent authority. Accordingly, the SPV has started toll collection and also construction of the project from September 3, 2017. 

Indian Overseas Bank: The bank has allotted 2.85% stake to the government on a preferential basis at an issue price of Rs 27.65 per equity share, including a premium of Rs 17.65 per equity share.

Bhartiya International: Bhartiya International Limited has increased its stake and will now hold approximately 36.77% in Bhartiya City Developers Private Limited.

Piramal Enterprises: The company’s subsidiary, Piramal Housing Finance Private Ltd., has received approval from National Housing Bank to commence its housing finance business.