Index trend and stocks in action on March 12

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Index trend and stocks in action on March 12

Watch out for Reliance Communications, Tata Motors, Bharti Airtel, Aarti Drugs, Avanti Feeds, Apex Frozen Foods, Waterbase.

Nifty opened Friday’s session on a positive note, attempted further upside movement but resisted multiple times at 10288-10290 and retreated in the afternoon sessions to close on a negative note. Nifty finally closed down 0.15 per cent i.e. 15.8 points down at 10226.85 levels. The weekly price action portrays a kind of Bearish Belt Hold pattern with opening day becoming the highest point of the week and a strong red candle by the end of the week. Going ahead, the levels of 10,075-10,033 would act as immediate supports for the index followed by 9950. On the upside, the levels of 10,300-10,360 would be seen as resistance for the index. 

Reliance Communications: Reliance Jio gets CCI nod to acquire towers, optic fibre cables, use of spectrum and media convergence rights of Reliance Communications.

Tata Motors: Tata Motors Group global wholesales in February 2018 came in at 1,21,252, including Jaguar Land Rover at 56905, commercial and Tata Daewoo at 46,262. The wholesales grew 18 per cent from the corresponding month of the last year.

Bharti Airtel: Telecom giant Bharti Airtel received NCLT nod for merger of Telenor with itself.

Aarti Drugs: Company’s Tarapur MIDC unit which is capable of making bulk actives, key intermediaries and speciality chemicals got affected by explosion. The plant accounts for 16 per cent of company’s revenue as on December 31, 2017.

US Department of Commerce has suggested an increase in anti-dumping duty on the Indian shrimp. The duty hike is expected at 2.34 per cent as against 0.84 per cent now. The hike would impact Indian shrimp companies like Avanti Feeds, Apex Frozen Foods, Waterbase etc.