Index trend and stocks in action February 23, 2018

Nifty opened the session in the negative terrain and, thereafter, Nifty moved in a defined range to end the session with a minor loss. The price action formed a small bull candle. Going forward, the levels of 10,270-10,300 need to be defended by the bulls, and as long as these levels are intact, the bulls have hopes of making a comeback, whereas a decisive move below this zone could lead to further correction up to the levels of 10,200 and 10,120. On the upside, bulls may face resistance around the levels of 10,430-10,450, and a decisive move above this zone may open up gates for further upside up to levels of 10,500-10,530.  

Adani Transmission: Adani Transmission receives the LOI of one inter State Transmission Project in Rajasthan.

Bank of Baroda: Bank has informed that it has no exposure against LOUs issued by PNB on behalf some of its gems and jewellery sector clients in news.  

Federal Bank: Board of Directors of the Bank has approved acquisition of 26 per cent stake in Equiris Capital.

GE Ship: Completed sale of its vessel.

Genus Paper and Boards: The company has entered into two non-binding Memorandums of Understanding (MOU) for setting up Kraft Paper manufacturing plant.

Dilip Buildcon: Dilip Buildcon has received Letter of Award from Ircon International Limited, (Government of India Undertaking) for a new EPC Project valued at Rs. 157.23 crore in the State of Karnataka.

Yash Papers: The company has entered into MOU with UP State Government for Rs. 73.44 crores for expansion of its paper unit.

Prakash Industries: EGM on March 17 to consider issue of convertible equity warrants to promoters and non-promoters investors on preferential basis.

Indiabulls Housing Finance: Allotted its seventh tranche of Secured, Redeemable, Non-Convertible Debentures (NCDs) of face value Rs. 10 lakh each, aggregating to Rs. 3,000 crores.