Index trend and stocks in action April 17, 2018

NSE benchmark Nifty kicked off the week with a gap-down opening. However, the jitters subsidised as the day progressed and Nifty ended the day near the day’s high. The price action formed a long bull candle, which resembles engulfing bullish pattern. Going ahead, we expect the momentum to continue on the upside and Nifty may make an attempt to scale up to the levels of 10,580, followed by 10,640, whereas on the downside, supports are seen around the levels of 10,470 followed by 10,450. The 14-period RSI stands at 61.66 mark and sustaining above the level of 60 is an indication of the momentum is getting strong.

Bajaj Electricals: Company bags orders for Rural/Urban Electrification projects in the State of Uttar Pradesh from Madhyanchal Vidyut Vitaran Nigam Limited (MVVNL) aggregating worth Rs.3,577.93 crore.

Adani Ports: Adani Ports signs a long term regasification pact with Indian Oil for Dhamra LNG terminal.

Reliance Communication: There is no legal restriction any more on the company to proceed with sale of its spectrum, MCNs and real estate, and RCOM is duly proceeding with the same.

Blue Star: Blue Star signs up with Sands International and its local partner Saudi Retail Company (SRC) for distribution of its Unitary AC&R Products in the Kingdom of Saudi Arabia (KSA).

Sobha: The company will make an investment of over Rs. 500 crore towards residential development in Gujarat International Finance Tee-City (GIFT City).

Sterlite Technologies: Board to consider raising funds through issue of securities on April 25.

Omkar Speciality Chemicals: Classification of loan account of the company as Non-Performing Asset by Bank of Baroda. 

Goa Carbon: Goa Carbon resumes operations at Orissa plant which was shut for maintenance.

Fortis Healthcare: A meeting of the Board of Directors of the company will be held on April 19 to consider and decided on various bids/proposal received by the company.