Index trend and stocks in action October 17, 2018

The NSE benchmark Nifty extended its gains for a third consecutive session and settled at 10,585, up by 0.69 per cent. The price action formed a small body positive candle. Going ahead, we expect the index to extend its pullback and the level of 10,650 is likely to act as an immediate resistance level, followed by 10,700. On the downside, the level of 10,530 is likely to act as an immediate support level, followed by 10,480.  

Federal Mogul Goetze (India): The company has  said that its open offer for 25.02 per cent capital will be offered to public at Rs 420.05 apiece by the America-based acquirer Tenneco.  
  
NHPC: Baira Siul power station (180 MW) in Himachal Pradesh has been taken under complete shutdown for six months for 'renovation and modernisation of power station for its life extension' works. 
  
L&T Technology Services: The company has completed acquisition of Graphene Semiconductor Services. 
  
Aban Offshore: The company acquired 100 per cent interest in UK Continental Shelf Production Licence and sold 50 per cent interest in the same. 
  
IIFL Holdings: The company‘s subsidiary, IIFL Home Finance Ltd, has raised Rs 1,000 crore from National Housing Bank and another $50 million from State Bank of India through External Commercial Borrowing (ECB) route. 
  
Cochin Shipyard: The board has approved buyback of up to 4.39 million shares at Rs 455 per share. 
  
Lemon Tree Hotel: The company has signed a licence agreement for a 70-room property located near BKC, Mumbai, under the company's brand 'Lemon Tree Hotel'. The hotel is expected to be operational by June 2019.