Index trend and stocks in action February 07, 2018

Following the rout in the global markets, Nifty opened the session with a sharp downside gap, but later on, sharp recovery was seen in the mid-session as Nifty filled the opening downside gap. The price action formed a sizeable bull candle. Nifty opened below its important support level of 100-day EMA, however, it managed to close above 100-day EMA, which is a positive, as in the past, we have seen after a re-test of its 100-day EMA support, Nifty has started its fresh leg of upmove. Going forward, the level of 10,400 is a crucial support for the Nifty, followed by 10,340. On the upside, if Nifty holds above the levels of 10,550-10,570, it could extend its upmove up to the level of 10,650. The 14-period daily RSI is holding at the key support area of 35 and, previously, it has witnessed sharp upside rally after taking support from this level.

Ashapura Intimates: The company opens exclusive brand outlet in Delhi. 

Praj Industries: Bharat Petroleum has given a formal confirmation by way of Letter of Acceptance to Praj for its proprietary technology, basic engineering and design package for a value of Rs 16.75 crore. 

Bajaj Electricals: The Engineering & Project Business Unit of the Company has bagged a Power Distribution project worth of US$ 4,126,587.07, under Lusaka Transmission Distribution Rehabilitation Project (LTDRP) funded by World Bank & European Investment Ban k. 

Orient Press: Orient Press starts commercial production of Flexible Packaging Material at its Noida unit. 
  
Mcnally Bharat Engineering: Mcnally Bharat gets orders worth Rs. 68.3 crore. 
  
KEC International: KEC International gets orders worth Rs. 2,035 crore 

Canara Bank: Canara Bank Board approves raising Rs. 4,870 crore via preferential issue to the government.