Index trend and stocks in action April 09, 2018

During the last trading session of the week, benchmark Nifty opened the session with modest losses and later it shifted to sideways movement for a better part of the session. However, buying interest emerged in the last hour of trade and Nifty ended with gains of 6 points at 10,331. The price action formed a high wave type of candle. Going ahead, immediate support for the Nifty is placed at 10,270 level, which is 61.8 per cent retracement of downmove and major support is placed around the level of 10,210-20, which is confluence of 50 per cent retracement of downmove and the retest level of falling channel breakout. On the upside, immediate resistance is pegged at 10,352 and a sustainable move above this level would lead to a further upside to the levels of 10,400-10,440. 

Wipro: Wipro sold 63% of its stake in Wipro Airport IT to Antariksh Softtech for Rs 3.15 crores. 

Piramal Enterprises: Piramal Enterprises receives NCLT approval for merger of Piramal Finance and Piramal Capital with Piramal Housing Finance.

Visaka Industries: company has inaugurated its first manufacturing unit of ‘ATUM’ in Miryalguda, Telangana, with a production capacity of 30 MW per annum. Trial production of the same has commenced and commercial production is expected to commence from May 2018.

Inox Wind: Inox Wind has won 100 MW in the SECI-4 auction maintaining its successful track record in central government auctions. The bid was won at a fixed price of Rs2.51/unit for 25 years. This win enhances our auction based order book to a sector leading 950MW.

Atul: The Company strongly denies and disputes the claims made against it and are taking the necessary legal steps in the matter.

Tata Chemicals: Tata Chemicals to acquire Allied Silica for Rs 123 crores.

DHFL: The Company proposes to issue Non- Convertible Subordinated Unsecured Debentures amounting to Rs. 1000 Crore on Private Placement basis. 

Akzo Nobel: The Board has recommended a share buyback to the tune of Rs 235.20 crore.

Dabur India: Dermoviva Skin Essentials Inc, a wholly owned subsidiary, has acquired 100% share capital of (i) D and A Cosmetics Proprietary Limited, and (ii) Atlanta Body & Health Products Proprietary Limited, both incorporated and having operations in the Republic of South Africa.