Index trend and stocks in action September 27, 2017

During the last trading session, Nifty after opening flat extended losses in the first half of the session, but in the second half of trading session Nifty recovered from the lower levels to end the day near the neutral line. On the daily chart, Nifty has formed a candle with a long lower shadow which suggests emergence of buying at lower level. In the last two trading session, Nifty has registered a low of 9,816 and 9,813, hence, the level of 9,800 is crucial support for the Nifty and if Nifty breach this support it may witness correction up to levels of 9,780. On the upside, the resistance is placed in the vicinity of 9,900 and 9,930.    

Jindal Worldwide: Company had an unfortunate incident of fire in one of its unit at its factory premises. The expected amount of loss/damage due to occurrence of fire is still to be known as the investigation for same is in process. 

Spice Mobility: The Board Finance Committee of the Company in its meeting has decided to acquire additional 10.78 per cent stake in Spice Digital Limited, a subsidiary of the Company, in which the present shareholding of the Company is 89.19 per cent. 

Allahabad Bank: Bank has decided to introduce a 2 Tier Saving Bank Interest rate balance of Rs 40 lakh and above will continue to earn interest at 4 per cent per annum, interest at 3.5 per cent per annum shall be offered on balances of less than Rs 40 lakh. 

APL Apollo Tubes: Company has informed NCLT approved merger with Lloyds Line Pipes. 

Madhucon Projects: Company is in the process of doing strategic sale of its road projects to prospective buyers who are not yet finalized.