Index trend and stocks in action January 17, 2018

Nifty started off the session with positive bias and made an attempt to move up in the initial part of the session. However, markets never looked confident at higher levels, which resulted in profit-booking at higher levels, thereby dragging the Nifty into the negative terrain. Finally, Nifty concluded the session precisely at the 10,700 level. The price action for the day resulted in formation of a sizeable bear candle. The resistance area of 10,760-10,790 as defined by the  Upward Sloping Trend Line drawn by connecting two highs of August 2, 2017 and November 6, 2017, has been held effectively. Going ahead, a follow through move below Tuesday’s session low of 10,687 could lead to further profit-booking, and in which case, the levels of 10,650, followed by 10,600 can be tested. On the upside, a move above 10,790 would open up for the level of 10,840.

Varun Beverages: Company announced that it has further deepened its relationship with PepsiCo by entering into a strategic partnership for the larger Tropicana portfolio along with Gatorade and Quaker Value-Added Dairy in territories across North and East India.

Texmaco Rail and Engineering:  Texmaco Rail & Engineering, a company in the field of Rail Freight Cars & EPC, is exploring an opportunity for setting up a mega Logistics Hub cum Food Park with a State of the Art Engineering & Manufacturing facility at Sankrail in District Howrah, West Bengal. This will trigger industrial activity in the region. 

Sun Pharma: Sun Pharmaceutical announced that its wholly-owned subsidiaries have reached an agreement with Ironwood Pharmaceuticals, Inc. and Allergan plc to resolve the patent litigation regarding submission of an Abbreviated New Drug Application (ANDA) for a generic version of Linzess (Linaclotide capsules) in the US. 

Symphony: Symphony's model 'Cloud', which is the world's first wall mounted air cooler, has been granted 'Patent' rights by South Africa for its innovation. Additionally, the company has launched two new product ranges, Sense, and, Diamond. 

GAIL: GAIL and Gazprom have strengthened their partnership further by successfully re-negotiating the long term LNG Sale and Purchase Agreement (SPA) originally signed in the year 2012. 

Pioneer Distilleries: Workers at Nanded, Maharashtra manufacturing plant go on strike.