Index trend and stocks in action October 04, 2017

In the last trading session, Nifty opened the session with an upside gap and soon after opening index tested the hurdle of 9,900 and witnessed profit booking. However, it managed to hold on to the gains and settled the day with gain of 71 points. Going forward, the area of 9,900-9,930 is a key resistance area as the 50% retracement of the recent fall stands near levels of 9,930 and the high of big bearish candle which was formed on 27 th September stands at level of 9,921, hence, this zone is a crucial resistance area. A successful close above this resistance area may open gates for further up-move up to levels of 9,980-10,000 in the short term. On the flipside, level of 9,800 is key support area and breach this support may open up for correction up to levels of 9,770-9,740.  

Ducon Infratechnologies: DTIPL bags prestigious orders from Madhya Pradesh government. The total value of the order is approximately Rs 50 crores. 

Cyient: Cyient signs global software licensing agreement with Elpis Squared. 

Ricoh India: NCLT has rejected FDS petition under the Bankruptcy Code. 

Majesco: Company announced at their annual customer conference, convergence 2017, version 10.0 of the Majesco P&C Suite, including Majesco Policy, Majesco Billing and Majesco Claims. 

L&T Infotech: Company clarifies that the contract from CBDT is not a new contract as it has been in the news since last 12 months and the headlines in the news article has been misreported as a recent win. 

Apollo Tyres: Proposed qualified institutions placement of equity shares of face value Rs 1 each (the “Equity Shares”) aggregating up to Rs 15, million to qualified institutional buyers ( the “QIP).