Index trend and stocks in action January 08, 2018

Benchmark index Nifty gained over half a per cent and settled at new record high, driven by positive global cues. The day’s price action led to the formation of a small body bull candle. Going ahead, as long as Nifty holds the low of Friday, i.e. 10,520, the bias would be positive and buying on dips would be an ideal strategy for the traders. On the upside, targets likely for the day would be 10,600, followed by 10,640. In case the Friday’s low of 10,520,is breached, Nifty is likely to extended its correction up to the level of 10,480.  

Reliance Communication: NCLT dismissed the IBC applications, as China Development Bank (CDB) withdraws plea against RCom.  

Den Networks: Den Networks Limited has entered into an agreement with VBS Digital Distribution Network (VBS) for acquiring majority stake in VBS. 

VRL Logistics: During the course of the buy-back till December 19, 2017 the company has bought back 3,00,050 equity shares. 

Visa Steel: State Bank of India (SBI) has filed an application with NCLT to initiate Corporate Insolvency Resolution Process (CIRP) against the company. 

Jindal Poly Films: M/s JPF Netherlands B. V. (JPF NL) ceased to be subsidiary of Jindal Poly Films . 

Seamec: Company has entered into a contract for charter hire of vessel 'SEAMEC III' with M/s. IGOPL Offshore for undertaking a job in Mumbai High Offshore. The value of charter during firm period is US$ 2.4 million.