Index trend and stocks in action April 16, 2018

Nifty continued to extend its northward journey for the seventh consecutive session and settled at 10,481 with gains of 22 points. The price action formed a high wave candle, while maintaining a higher high-low formation, indicating range-bound activity after a decent upmove. Going ahead, the level of 10,450 is an important support for the index, followed by 10,350. Only a close below the level of 10,350 would lead to a pause in the ongoing uptrend, whereas on the upside, the levels of 10,520 and 10,540 would act as an immediate resistances for the index followed by 10,575 .

United Spirits: The Board has approved a stock split in the ratio of 5:1.

Reliance Industries: Reliance Jio Infocomm Limited (“RJIL”) has signed a ~JPY 53.5 Billion Samurai Term Loan with 7 year bullet maturity (the “Facility”). The Facility is guaranteed by Reliance Industries Limited (“RIL”) and will be used for funding RJIL’s ongoing capital expenditure.

Bliss GVS Pharma: Bliss GVS pharma gets $12 million from sale of 51 percent stake in Kenya unit.

IL&FS Engineering: IL&FS Engineering wins Rs 129.66 crore pipeline laying contract from GAIL.

Dilip Buildcon: Dilip Buildcon has incorporated 5 (Five) new special purpose vehicles Companies for 5 projects awarded by the National Highways Authority of India valued at Rs. 6306.9 Crores.