Index trend and stocks in action April 06, 2018

The benchmark Nifty opened the session with a sharp upside gap and later shifted to sideways movement for most part of the trading session. However, after the RBI policy announcement, Nifty extended its upmove and closed near the day’s high. The price action formed a long bull candle. Going ahead, we expect the momentum to continue, and on the upside, immediate resistance for the Nifty is placed at 10,350, followed by 10,400. In the event of any consolidation or correction, immediate support is placed at 10,277, which is 61.8 per cent retracement of recent downmove, and the next support is placed at 10,200. The 14-period RSI on the daily chart has marked fresh 14-day high, which is bullish.   

Future Lifestyle Fashions: Future Specialty Retail Limited (FSRL), a material subsidiary of the Company entered into a long-term license agreement for extending the license to footwear category as well under the “Lee Cooper” brand owned by Iconix Brand Group, Inc. Effective from 1st April 2018. 

HCL Technologies: HCL Technologies Acquires Life Sciences and Consumer Services Provider C3i Solutions. 

Indigo: Indigo rules out bidding for Air India. 

Kridhan Infra: Kridhan Infra Wins Order worth INR 1,340 million in Singapore.

Reliance Communication: Reliance Communication is now confident of achieving overall debt reduction of approx. Rs. 25,000 crore within the next few weeks, from the first phase of the asset monetisation programme. 

Ballarpur Industries: A Sale and Purchase Agreement has been entered into between Receiver & Manager of Sabah Forest Industries Sdn. Bhd. and Pelangi Prestasi Sdn. Bhd. (Buyer') on 4thApril 2018 for the sale of entire assets (including procurement of fresh timber licenses from the State Government of Sabah) of Sabah Forest Industries Sdn. Bhd. (a step down subsidiary of the Company), for consideration of RM 1.2 billion (USD 310.00 Million approx.). The Buyer has deposited 10% of the consideration in cash.

GM Breweries: The Board of Directors have recommended a Bonus issue of Shares in the ratio of 1:4. I.e. one share of Rs. 10/- each for every four share of Rs. 10/each held. The issue of Bonus will be subject to approval of members at the forthcoming AGM.