Index trend and stocks in action January 10, 2018

After three consecutive upbeats in the benchmark indices, Nifty today kicked off correction from the first minute itself, though after a gap up opening. Nifty corrected up to 23.6 per cent retracement of the prior upward rally and bounced back in the afternoon session to close marginally up. The price action led to formation of a high wave type candle. For the coming session, the zone of 10,650-10,660 could act as an immediate resistance and, on the downside, the gap area which was formed on January 8 is expected to offer support in case of retracement. Overall, the structure for the index remains positive. However, after witnessing strong upmove in the past 3-4 trading sessions, we might see some consolidation in the range of 10,565-10,660.  

Motherson Sumi: Motherson Sumi through its subsidiary Samvardhana Motherson Automotive Systems Group B.V. announces Joint Venture with Ossia to bring Real Wireless Power to the Automobile. 

Spice Mobility: Spice Digital Limited (SDL), a subsidiary of the company, has divested its entire equity stake in Sunstone Eduversity Pvt. Ltd (Eduversity) . 

Power Grid: Power Grid board approved a Rs. 92.13 crore investment in Tumkur Ultra Mega Solar Power Park. 

Infosys: Infosys Announces the Signing of an Advance Pricing Agreement ('APA') with the U.S. Internal Revenue Service . 

Nath Bio-Genes: Nath Bio-Genes QIP opens on January 22 at a floor price of Rs. 468.69 per share. 

HIL: As a part of Marketing & Branding initiative to connect the companies brand with a wider range of customer & dealers, HIL has associated itself with 'Chennai Super Kings' as 'Official Partner' for the next two sessions of 'Indian Premier League'.