Index trend and stocks in action February 22, 2018

Nifty opened the session with a gap-up, and soon thereafter, the index pared all of its opening gains. Later, Nifty moved within a range throughout the session. Finally, Nifty ended the session with gains of 0.36%. The price action formed a small negative candle with long lower wick. Going ahead, the levels of 10,450 and 10,500 will act as stiff resistance levels for the Nifty, whereas supports are seen at 10,300 and 10,270 levels. We expect a negative start for the expiry day of February series and a good amount of volatility could be seen in the second half of the trading session owing to rollover.  

Allahabad Bank: Allahabad Bank has an exposure of Rs. 516.79 crores to Rotomac and the same has been classified as an NPA. 

Vardhman Special Steels: Approves issue of 35,72,000 shares via QIP at Rs. 140 per share. 

UCO Bank: UCO Bank to raise Rs. 6,507 crore via preferential issue to the government. 

Cyient: Cyient board approved reduction of non-resident investment limits to 49 per cent. 

Hatsun Agro Products: Board has approved raising up to Rs. 550 crore via right issue. 

Capital First: The company has raised Rs. 102 crore by issue of NCD's on private placement basis.

PNB: CARE places rating on various bonds of the bank under credit watch with development implications.