Index trend and stocks in action on April 17, 2020

After a negative opening, Nifty took support around 38.2 per cent of the recent rise. After taking support, it recovered from lower levels and closed the day higher by 0.76 per cent. During the day, it made an intraday high of 9,053 but closed below 9,000-mark. On Thursday, 70 per cent of Nifty 50 stocks advanced.

The price action formed a bull candle right beside the bearish engulfing pattern in the prior session. Thursday’s gain with lower volume is not giving confidence to take fresh, aggressive long positions at current levels. The range of 9,132-8,904 is very crucial for Friday. Unless these levels are not taken out, we cannot be directional on either side.

Technically, Nifty has continued its sequence of higher highs and higher lows. On the upside, sustaining above 9,132 level could open up for further upside, towards the levels of 9,390.

Overall, keeping your eyes on the range of 9,132-8,904 break on the either, could lead to directional move on the either side.

Sudarshan Chemical: The company received necessary permission to restart production at their manufacturing facility located at Mahad (Maharashtra).

Graphite India: Graphite India begins partial manufacturing operations at Nashik plant.

M&M: M&M renewable energy subsidiary has completed the sale of its arm Divine Solren to CLP India for Rs 124.47 crore.

JK Lakshmi Cement: JK Lakshmi Cement grinding units at Kalol and Surat have become operational.

Grindwell Norton: Company’s few plants have become partially operational.