Index trend and stocks in action January 07, 2019

The NSE benchmark Nifty witnessed high volatility in the first part of the trading session. However, in the last leg of trading session, buying emerged and Nifty ended the day at 10,727, up by 0.52 per cent. The price action formed a small body bull candle with long lower shadow, which resembles a hammer-type candle pattern. The index took support around the 50-day moving average and the rising trendline, and although it breached the level on intra-day basis, the closing was well above the rising trendline. Going ahead, a move above the hammer’s candle high, i.e. 10,741, would lead to an extended rally towards the level of 200-day moving average, which is placed at 10,787, followed by 10,850. On the downside, hammer candle low of 10,629 is likely to act as a strong support. 

Reliance Industries: The RBI has approved the company's application for proposed amalgamation of Reliance Holding USA with Reliance Energy Generation & Distribution. 
  
BHEL: The company has successfully commissioned a 800 MW thermal unit within a record time of 46 months at Kothagudem thermal power station of Telangana State Power Generation Corporation. 
  
Future Lifestyles Fashions: The company has  increased its foreign portfolio investment limit in the company from 24 per cent to 49 per cent. The company said that this action has been noted by the National Securities Depository Ltd. 
  
NHPC: Dulhasti Power Station (390 MW) in Jammu & Kashmir has been under complete shutdown w.e.f. 03.01.2019 to 12.01.2019 (tentative) for the work of 'replacement of by-pass line valves of MIV'. The above shutdown will cause tentative loss of 21.4 MUs and 0.55 per cent in PAF. 
  
Titan: The company expects the full year growth in jewellery business to be around 22 per cent; and with significantly higher spends on advertising, the EBIT margins in watches segment will be substantially subdued in Q3 .