Index trend and stocks in action April 24, 2018

NSE benchmark Nifty witnessed a roller-coaster ride as profit-booking emerged at higher levels and pared most of the gains to end the day below 10,600-mark. The price action formed a long-legged Doji candle. Going ahead, the level of 10,495 would continue to act as a major support for the Nifty and a sustainable move below this level may open up for further correction up to the level of 10,420. On the upside, the zone of 10,620-10,640 would continue to act as a strong barrier for the Nifty. The 14-period RSI has posted a fresh high and the key to the uptrend will be to hold above the important mark of 60.

Music Broadcast: Considered and approved acquisition of Radio Business Undertaking of Ananda Offset Private Limited, engaged in Radio Broadcasting Business under brand name 'Friends 91.9 FM' through Slump Sale subject to Regulatory approvals.

Shilpi Cables: Company gets 90-day extension for corporate insolvency resolution.

Geojit Financial Services: The Board of Directors gave its approval for applying to SEBI to seek in principal approval for setting up an Asset Management Company.

Reliance Capital: The Board of Directors of the Company scheduled to be held on Thursday, April 26, 2018, will also consider seeking enabling authorization of Shareholders, inter-alia, for raising resources by issuing debt/ equity securities including by way of qualified institutions placement and privately placed debentures.

Bharti Airtel: As a part of its network expansion program - Project LEAP, Airtel announced its plans to add more than 6000 new sites in FY 2018-19, along with the deployment of an additional 2000 KMs of optic fiber across Gujarat.

Thomas Cook: Board of Thomas Cook (India) approves proposal for corporate restructuring. Thomas cook shareholders will receive 1889 equity shares of Quess for every 10000 equity shares held in Thomas cook.