Index trend and stocks in action January 24, 2018

Nifty, after opening with a gap-up, extended its upmove and went past its important psychological level of 11,000. The price led to formation of a bullish Marubozu candle, which indicated that bulls were in control for the entire trading session. Going forward, immediate resistance for the Nifty is placed in the region of 11,125, followed by 11,175. The daily RSI at present is quoting at 83 and has reached its overbought zone, which might lead to a consolidation phase or sideways movement. However, any dip towards the level of 10,990 will be an opportunity to create long positions. 

Apex Frozen Foods: Income Tax Department has conducted search/survey on the premises of Apex Frozen Foods and on KMP’s on January 18 to 20 under section 132/133A of the Income Tax Act. The company and management extended cooperation to the Income Tax Authorities, further there is no information discovered which would have a significant impact on the conduct of the business of the company as reported by the company with exchange. 

Reliance Industries: World Economic Forum to set up centre for the fourth industrial revolution in Mumbai in partnership with Reliance Industries. 

Majestic Research Services and Solutions: PHD Chamber of Commerce and Industries and Indian CSR Network included Majestic Research Service and Solution as a research partner for the Electric Vehicle Summit and Expo at PHD House, New Delhi. 

ONGC: ONGC signed loan pact worth Rs. 18,060 crore with Punjab National Bank, Bank Of India, Axis Bank to fund HPCL stake buy. 

Alembic: Alembic to buyback 1.02 crore shares (3.84% equity) at Rs. 80 per share. 

Majesco: Majesco QIP opens with a floor price of Rs. 532 per share. 

Wipro:  Company has bagged the business process services contract from Nilfisk. 

Shriram EPC: The Company has won an order worth Rs. 84 crore from the Jharkhand Government. 
  
Aurionpro Solutions: Aurionpro Solutions’ arm Cyberinc partnered with ECS to distribute Isla Malware Isolation Platform across Asia Pacific.
  
Quick Heal Technologies: Quick heal Technologies received order from tax authorities demanding Rs. 37.7 crore. Company will appeal against the order with CESTAT.