Index trend and stocks in action February 01, 2018

A day ahead of the Union Budget 2018, Nifty opened the session in the negative terrain as the cues from global peers were disappointing. However, Nifty did manage to recoup some of the losses and ended the session with a modest loss. The price action formed a small bull candle characterised by small real body. Subsequently, there was a long shadow on either side, highlighting volatility. Nifty managed to hold on the crucial support level of 10,975 (opening upside gap of January 23) and that gap has been almost filled. Going forward, immediate support for the index is placed in the region of 10,970-10,990, followed by 10,900. On the upside, the level of 11,172 would be crucial to watch, as a move above this level would lead to an extension of the current leg of the upmove.  Today, the key event of Union Budget 2018 is expected to add volatility and could set the tone for the short term direction of the markets.

Godrej Properties: Godrej Properties announced the addition of three new projects, two in Bangalore and one in Noida. 

Bharti Airtel: Bharti Airtel Limited (through its subsidiaries) have concluded the deal with Millicom w.r.t. acquisition of 100 per cent equity interest in Tigo Rwanda Limited. 

Hindustan Copper: Hindustan copper to raise Rs. 1,400 crore via QIP. 

Fortis Healthcare: Company says any outcome of the Daiichi plea is reasonably expected to have no direct impact on the company or its operation . 

Time Technoplast: Sets up a new production facility at Hamriyah Free Zone, Sharjah, UAE. 

Wipro: The investment in Harte Hanks, Inc. has been completed . 

Phillips Carbon Black: Board approves 5:1 stock split and company to raise Rs. 500 crores. 

Nocil: Board of Directors in their meeting held approved in-principle Capex proposal of Rs. 87 crore- Phase 3 for expansion of its rubber chemical production facilities at Navi Mumbai/Dahej. 

SBI: SBI to divest 22 lakh shares (4.4 per cent) stake in Clearing Corporation of India.