Index trend and stocks in action February 14, 2018

Index trend and stocks in action February 14, 2018

Karan Dsij
/ Categories: Trending, Pre Morning

Despite witnessing a positive opening, Nifty failed to capitalize as it slowly, but steadily, surrendered its opening gains and the late hour selling dragged the index below 10,800. With this, Nifty extended its losses for the fourth day in a row. The price action formed a long body bear candle, indicating prolonging of the corrective decline for the fourth consecutive session. Nifty is hovering in the close vicinity of 61.8 per cent of the recent upmove from the low of 10,584 to the high of 11,118. The stochastic oscillator has entered into the oversold territory. Hence, some bounce-back cannot be ruled out. However, it is important for the index to sustain above the 10,770 mark, but any weakness below this important support may push Nifty towards its 100-day moving average which is placed at 10,704. On the upside, the 200-day moving average, which is placed at 10,860, is likely to act as an immediate resistance. 

Godrej Industries: The board of directors of the company has approved the scheme of arrangement (demerger) between Ensemble Holdings & Finance Limited (a wholly-owned subsidiary of Godrej Industries Limited) and Godrej Industries and their respective shareholders . 
  
HIL: The company has commenced second phase production of its CpVC, UpVC and "SWR (soil, waste & rain) pipes and fittings at its plant located at Golan in Gujarat. 
  
Tata Power: Tata Power has collaborated with AES and Mitsubishi Corporation to power up South Asia's largest grid-scale energy storage system in India. 
  
Trident: Trident has been granted a patent for air rich yarn and fabric and its method of manufacturing by the United States Patent & Trademark office. 
  
Yes Bank: Yes Bank has received the risk assessment report for FY2018. The report observes nil divergences in the bank’s asset classification and provisioning from the RBI norms. 
  
ABB India: The company's board has given in-principle approval to segregate power grid operations. 

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