Index trend and stocks in action January 25, 2018
After a strong upmove in the last three-four trading sessions, Nifty took a breather and closed the session on a flat note. The price action led to formation of a small body positive candle with minor wicks on either side. Going forward, the upside resistance of 11,125 remains intact, followed by 11,175, whereas immediate support is placed around the level of 11,040, followed by 10,980. The 14-period RSI on the daily time frame is quoting around 83 mark, and though it has made a fresh 14-period high, it is trading in highly overbought zone. Today, we may see the start of the expiry day of January series on a flat note and as the session progresses, a good amount volatility may kick in owing to roll-over activity.
Gallantt Ispat: A total of Rs. 510 crore (approx.) of capital expenditure (Capex) has been projected for the capacity expansion of various plants.
United Bank of India: Board of Directors of the bank shall consider and approve by circulation on January 30, 2018, the proposal for issuance and allotment of equity shares of face value of Rs. 10 each to the President of India acting on behalf of Government of India and to such other person, aggregating up to Rs. 3,000 crore by preferential allotment.
ONGC: ONGC signs loan pact worth Rs. 16,940 crore with EXIM (Rs. 1,600 crore), ICICI (Rs. 4,000 crore), SBI (Rs. 7,340 crore) and HDFC Bank (Rs. 4,000 crore).
Wipro: Wipro announced that will invest US$9.9 million in Harte Hanks.
NCC: QIP opens at a floor price of Rs. 129.47 per share.
Crisil: Acquire 100% of the equity share capital of Pragmatix Services Pvt. Ltd .
Dr Reddy’s Lab: Dr. Reddy’s says German regulator carried out re-inspection of its Bachupally plant. It can now start dispatching products to Europe.
Bharat Electronics: Board meeting on January 30 to consider buyback proposal.
Phillips carbon: Board meeting to be held on January 31, to raise fund and splitting of shares.
Majesco: Majesco unit wins contract from Reliance Nippon Life Insurance.