Index trend and stocks in action on November 6, 2017

Last week ended on a volatile note for the Indian stock markets wherein Nifty opened with a gap-up, taking strong cues from  global bourses. However, corporate earnings and subdued auto sales numbers brought in some volatility at the start of the session on Friday. Thereafter, markets recovered with gradual higher tops and higher bottoms, making yet another record high at the end of the week. On the daily time frame, Nifty refrained from making an engulfing pattern on recovery in the intra-day session on Friday, hence, if Nifty retreats from the current levels, we hold 10,405 as immediate support, followed by 10,370, which is the gap-filling level. It is the second consecutive uptick for the Nifty with huge volumes, but with 14-period RSI trailing near the over-bought zone. Hence, the optimism may continue for the third straight weekly session and hence, on the upside, we maintain our resistances at 10,480, followed by 10,550 mark.  

ONGC: Government is expected to sell 60% of its stake in ONGC's oil and gas fields to private firms. This would enable them to produce above the baseline estimate. In this , 11 fields of ONGC and 4 fields of Oil India Ltd have been identified for the same. 

Unichem Lab: After the announcement of sell-off of its domestic formulation business to Torrent Pharma, the company will utilise the net sales amount for dividend or share buyback and the balance amount for R&D and expansion of its international business.

Tata Power: The country's largest integrated power company announced 101% increase in its renewable portfolio in India in Q2FY18 as against corresponding quarter of previous year. Meanwhile, the company added 30 MW solar plant at Palaswade, which would produce 62 million KWH of solar power annually. 

Inox Wind: The company has recently announced that it is expecting strong order inflow in H2 of FY18 will lay the foundation for FY19 owing to SECI auctions of 4500 MW, state auctions of 500 MW and PSU orders. The wind industry is on track, which would help the government achieve its 2022 target of 60 GW wind power installation.  

JSW Steel: The company has sought green nod for its mega steel and captive power plants near Paradip, Odisha.  The plants would be vetted by EAC in its upcoming meeting. The company is also expected to seek clearance for cement unit.