Index trend and stocks in action October 12, 2017

Nifty on Wednesday extended its gains in the early morning trade and moved towards 78.6% retracement of the previous fall. However, selling pressures emerged at higher levels and Nifty slipped below 10,000 mark and ended with loss of 0.32% at 9,985. The price action formed a ‘Bearish Engulfing’ candlestick pattern; this candlestick pattern is a bearish reversal candlestick pattern which occurs at the top an uptrend. For day trading, the zone of 9,930-9,950 is key supports zone any sustainable move below this zone would result into some weakness towards 9,880 levels. Whereas, on the upside, 10,040-10,070 will continue to be a major hurdle for the Nifty.   

Sun Pharmaceuticals: Company gets EIR from US FDA for Dadra facility. 

NBCC:  NBCC (India) Limited was awarded the contract for construction of multi-storey commercial space at GPRA Colony, Nauroji Nagar, New Delhi on Design, Engineering, Procurement and Construction (EPC) basis to M/s NCC Limited (M/s NCC - State Construction Integrated Works (SCIW) of Administrative Department of Verkhovna Rada, Ukraine - JV) for Rs. 1,949 crores (approx) with completion period of two years. 

Tata Steel: Expiry of share purchase agreement with AMTC for the acquisition of Brahmani River Pellets Limited (BRPL).  

Vascon engineers: Company to take additional loan facility from ECL Finance amounting to Rs 25 crores at 17.10% rate of interest.