Index trend and stocks in action October 16, 2017
DSIJ Intelligence-3 / 16 Oct 2017
Going ahead, the level of 10,200-10,200 would be seen as a strong hurdle. Hence, staying caution around the said resistance zone is advised. On the flip side, the gap area of 10,014-10120 level are likely to act as an immediate support for the Nifty.
Nifty extended its rally for the second day in a row and touched new all time high level on Friday. However, the up-move was arrested near the trend line plotted from previous crucial swing highs. Moreover, unlike the Nifty, peers such as the Sensex, Mid-Cap and Small-Cap indices couldn’t imitate the move of Nifty i.e. new high. Going ahead, the level of 10,200-10,200 would be seen as a strong hurdle. Hence, staying caution around the said resistance zone is advised. On the flip side, the gap area of 10,014-10120 level are likely to act as an immediate support for the Nifty.
IndusInd Bank and Bharat Financial: IndusInd Bank formally sealed its merger deal with Bharat Financial. The swap ratio was 639 shares of IndusInd for every 1,000 shares of Bharat Financial held.
Shreayas Shipping Logistics: Shreyas Shipping takes delivery of 3 vessels and signs memorandum of association for sale of SSL Sagarmala vessel.
Titagrah Wagons: Company has received letter of Acceptance for its bid supply of Modular Bridges to Nepal, the order value is around USD 9 million.
Reliance Naval: The company has approved rights issue up to Rs. 1,500 crore.
Info edge (Naukri): The company has invested about Rs. 50.71 crore in Etechaces Marketing and Consulting Private Limited through its wholly-owned subsidiary.
HCL Tech: Company to discontinue joint venture with DXC Technologies.
Visa Steel: The scheme of amalgamation of VISA BAO with VISA Steel has been approved by the NCLT.
Gokul Refoils: Company completes divestment of business division located at Haldia, West Bengal.
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