Index trend and stocks in action October 24, 2017

After a long weekend, Nifty kick-started the week with a gap-up opening and it extended its up-move to reclaim the 10,200 mark in early morning trade. However, once again selling pressures emerged at higher levels and index slipped to retest its previous session low of around 10,123. Nevertheless, in the second half, the bulls managed to recoup some of the setback and ended the session with gains of 0.38% at 10,185. On the daily chart, Nifty formed a high wave candle. Post the sharp rally started from the lower levels of 9,688, index touched fresh life-time high at 10,252, since then the index has moved in a broad range of 10,123-10,236. For the day, immediate support is placed in the region of 10,170 followed by 10,120. On the other hand, the zone of 10,230-12,250 is a strong resistance zone.      

Kaya: The Board of Directors of Kaya Limited ('the Company') at a meeting held on October 23, 2017 have approved investment of an amount not exceeding Rs. 51 crores in KME Holdings Pte. Ltd. ('KMEH'), a wholly-owned subsidiary of the company in Singapore for buyout of a minority stake in Kaya Middle East FZC, subsidiary of KMEH situated in UAE. 

IVRCL Infra: IVRCL Infra lenders decide to exit from Corporate Debt Restructuring (CDR). 

Cochin Shipyard: The Ministry of Shipping has approved formation of Joint Venture Company between Cochin Shipyard Ltd and Hooghly Dock & Port Engineers Limited for upgradation and modernization of shipbuilding infrastructure at the two shipyard sites of Salkia and Nazirgunge in Kolkata.  Accordingly, a Joint Venture Company has been incorporated in the name of Hooghly Cochin Shipyard Limited. Cochin Shipyard Ltd and Hooghly Dock & Port Engineers Limited will have 76% and 24% stake in the JV, respectively. 

IndusInd Bank: IndusInd Bank, in association with MobiKwik, India's largest issuer-independent digital financial services platform, launches a co-branded wallet 'IndusInd Mobikwik' that allows IndusInd Bank customers to pay at the 2 million strong MobiKwik merchant network using their accounts, with debit feature.