Index trend and stocks in action September 26, 2017
DSIJ Intelligence-3 / 26 Sep 2017
Going forward, supports are seen around the level of 9,770-9,810. On the flipside, resistance is seen around the levels of 9,900-9,930; only if index manages to trade about this zone expect it to extend its upward rally up to the levels of 9,980-10,000 levels.
During the last trading session, Nifty opened on a negative note and drifted lower, however, minor recovery was seen in the last leg of trade. Nifty breached its important support levels of 9,950-9,940 as defined by the upward rising trend line. Nifty also slipped below its important moving average, i.e. 50-day EMA. Going forward, supports are seen around the level of 9,770-9,810. On the flipside, resistance is seen around the levels of 9,900-9,930; only if index manages to trade about this zone expect it to extend its upward rally up to the levels of 9,980-10,000 levels. Overall, the short term structure seems to be favoring the bears.
GE Shipping: The Company took delivery of a Secondhand Medium Gas Carrier 'Jag Vijaya' (1997 Built) of about 35,420 cbm.
Chennai Petroleum: Setting up of a new 9 MMTPA Refinery at Nagapattinam.
JK Paper: There has been disruption in production process at Unit JKPM of the Company at Distt. Rayagada, Odisha, due to stoppage of water supply by some local villagers. However, all the officers and workers of the Company are working in the plant.