Index trend and stocks in action November 03, 2017

Indian benchmark index, Nifty, witnessed a breather in the previous session with a fruitless attempt to break and retain its all-time high levels. Nifty trailed at its all-time high in the morning session, but broke down after two hours to eventually close in red with a marginal loss of 16 points. Nifty has formed a kind of double top pattern which if confirmed in Friday’s session may bring in some more correction in the upcoming sessions. For now, we hold 10405-10390 as immediate supports, followed by 10368 which is a gap-filling level. However if it is just a halt for starting yet another upward rally, then we hold 10455-10480, followed by 10550, which would act as resistance.

ITC: With an attempt to diversify further into Agri business, FMCG giant ITC has launched a brand Farmland to foray into fruits and vegetables business. To start with, it has launched 4 variants of potatoes, may launch apple by December 2017 quarter.

Dr. Reddy: The company is said to have launched a generic injection Azacitidine for treatment of cancer in the Canadian market with the approval of Health Canada. The drug is equivalent of generic Vidaza.

Hero MotoCorp: The second largest two-wheeler maker posted its October sales data where it reported 4.83 per cent decline in its sales to 6,31,105 units as against 6,63,153 in the corresponding month of the previous quarter. This is the sixth consecutive month of 6 lakh plus sales in October for the company.

PNB: Company has authorized its management for partial stake sale in PNB Housing Finance. It has also approved entire stake sale in Principal PNB Asset Management Company and Principal Trustee Company.

Info Edge (India): The company has increased its stake in its own subsidiary Applect Learning Systems by investing Rs. 37.93 crore. Applect has posted 26 per cent growth in its FY17 turnover.