Index trend and stocks in action February 26, 2018
DSIJ Intelligence-3Categories: Markets, News, Trending
Going ahead, immediate resistance for the Nifty is placed around the level of 10,560, which is its 50-day EMA, and a decisive move above this level would pave the way for a move towards the levels of 10,600-10,650. Top stocks to watch today: ICICI Lombard, Dr Reddy’s Lab, A2z Infra Engineering, PNB, Welspun Enterprises, Idea Cellular, DCM Shriram, Sadbhav Infrastructure, Dena Bank, Sakuma Exports, Reliance Power and Bharti Airtel.
During the last trading session of the week, Nifty opened on a positive bias and extended the upmove as the day progressed and ended the session near the day’s high. The price action formed a long bull candle. Going ahead, immediate resistance for the Nifty is placed around the level of 10,560, which is its 50-day EMA, and a decisive move above this level would pave the way for a move towards the levels of 10,600-10,650. Failure to cross the hurdle of 10,560 will lead to profit-booking, in which case, the support for the index is place around the levels of 10,400-10,425.
ICICI Lombard: Company clarifies that It has already paid claims for Rabi 16-17 amounting to more than Rs 526 crores to over 92% of the 2.28 lakh farmers eligible for claims in the state of Tamil Nadu.
Dr Reddy’s Lab: U.S. FDA maintains OAI (Official Action Indicated) status on Dr. Reddy’s Srikakulam plant.
A2z Infra Engineering: Approval of one time settlement with Standard Chartered Bank towards Debt settlement of Rs 344.93 crores, for a total consideration of Rs 120 crores and allotment of shares to Standard Chartered bank.
PNB: Bank denies report that PWC is engaged in probing alleged fraud.
Welspun Enterprises: Company has emerged as lower bidder for NHAI Tamil Nadu road project.
Idea Cellular: Idea Cellular raises Rs 3,500 crore (approx.) through QIP.
DCM Shriram: Company to invest Rs. 113 crore for expansion of Caustic soda capacity at its Bharuch facility.
Sadbhav Infrastructure: Refinance of existing debt in Bhilwara-Rajsamanad Tollway Private Limited, a wholly-owned subsidiary of the company, has completed refinancing of its existing debt facilities with new debt taken from other lenders with revised terms and conditions.
Dena Bank: Bank sets issue price at Rs. 26.89 per share for issue of shares to the government.
Sakuma Exports: Company have submitted an expression of interest to acquire leading company Ruchi Soya Industries Limited.
Reliance Power: Meeting of the board on February 28 to approve raising of funds via QIP .
Bharti Airtel: Airtel and Motorola partner to offer 4G smartphones starting at Rs. 3999 .