Index trend and stocks in action February 08, 2019

On Thursday, Nifty ended a volatile day on a flat note with selling pressure seen at higher levels in the last leg of trading as traders preferred to book profit. The price action formed a Doji-like candlestick pattern. Usually, a formation of a Doji pattern after an upmove can act as a reversal; however, it requires confirmation on the next trading day. But in the present context, the Doji has formed after a tall bullish candle during an uptrend and, under such circumstance, the market is considered to be tired. The top of a Doji session which stands at 11,118 is likely to act as a resistance level. However, if the high of the Doji is exceeded, then the Nifty uptrend should continue towards the level of 11,180. On the downside, the zone of 10,950-10,987 is likely to act as a strong support area for the index as per the change in polarity, as resistance level once breached becomes a support level and as long as Nifty remains above the 10,950 mark, the breakout will remain in force. 

Raymond: In a clarification to a news item, the company has stated that "our related party transactions are undertaken in compliance with laws. We have taken appropriate approvals, made relevant disclosures and undertaken all related party transactions on an arm's length basis, which has been certified by independent reputed accounting firms”. 
  
Varun Beverages: Varun Beverages plans to acquire franchise rights from SMV Group in Karnataka, Maharashtra and Madhya Pradesh. 
  
Ceat: The company has commissioned commercial production of truck bus radial tyres at the expansion phase of Halol plant with effect from February 7. 
  
Pricol: The new plant at Hosur, Tamil Nadu, will not commence operations due to change in business strategy of the company in line with customer expectations. 
  
Jet Airways: The company's four aircrafts have been grounded due to non-payment of amounts outstanding to lessors under the lease agreements. 
  
Shriram EPC: The company has received three orders worth Rs 291.57 crore from the Government of Jharkhand for construction in the water management sector.