Index trend and stocks in action February 06, 2018

Nifty opened the session with a downside gap, followed by range-bound movement in the band of 10,600-10,700. The price action formed a bull candle with gap down opening and the opening downside gap was later filled partially. It seems that the markets are likely to continue its land slide and the Nifty might open below its 100-day EMA. Going ahead, the zone of 10,300-10,330 is a very crucial support area for the Nifty and a move below 10,300 would open up for correction up to the level of 10,200. On the other hand, the area of 10,400-10,450 will remain critical resistance zone. 

Brigade Enterprises: Brigade ranks amongst the top 3 developers in South India in the consumer confidence survey and No.6 nationally. 

Oil India: The Board Meeting to be held on February 9, 2018 to consider issuance of bonus share. 

Vijaya Bank: Board of Directors of the bank will be held on February 8, 2017 to consider and approve the issue of equity shares on preferential basis to Government of India upto Rs. 1,277 crore. 

MOIL: Approved the proposal to buyback equity shares (not exceeding 87,66,720) representing 3.29 per cent of the total number of equity shares of the company in the paid-up share capital at a price of Rs. 240 per equity shares (Buyback Offer Price). 

PNB: The bank has come across a suspected fraud involving one branch wherein certain irregularities have been observed on account of people risk. The matter involves Rs. 280.70 crores based on preliminary investigation report. 

Tata Motors: Tata Motors and Warburg Pincus mutually decide to call-off the transaction in Tata Technologies Limited. 

La Opala: LA Opala board approves 1:1 bonus issue. 

EMAMI: Emami to acquire 26 percent stake in beauty care brand Brillare Science through compulsory convertible preference shares (CCPS). 

Endurance Technologies: Company to set up a plant in Karnataka to manufacture suspension product range.