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Nifty opened the session with a huge gap down; but,took support around its 100-day EMA and ended the session above the 10,450-mark. The price action formed small green body candle as the opening downside gap was filled completely. Going ahead, the zone of 10,380-10,400 is a crucial support level for the Nifty because, firstly, the 100-day EMA is placed in this region and, secondly, a trendline formed by joining lows of September 28, 2017 and December, 6, 2017 is placed around the 10,380-mark. A decisive move below could lead to further correction up to levels of 10,270-10,300, whereas on the upside, the zone of 10,600-10,650 is considered as a strong resistance zone. 

Stocks to look out for today:

Oil India: The Board of Directors has recommended ‘Issue of Bonus Shares’ in the ratio of 1:2.

Cadila Healthcare:  Cadila Healthcare’s Moraiya facility successfully completes USFDA inspection.

Capacite Infraprojects: Receipt of order worth of Rs. 247 crores from Kalpataru Group and Wadhwa Group.

Ajanta Pharma: Company’s formulation facility at Dahej was inspected by USFDA and at the end of the inspection; no Form 483 was issued to the company.

Tata Power: As part of a group restructuring exercise, Tata Power is considering transferring its entire shareholding in Panatone Finvest Limited to Tata Sons Limited.

Bharati Defence and Infrastructure: Company has achieved yet another milestone by launching Vessel V 410 from its Mangalore yard. This Vessel is the sixth in the series of 16 High Speed Interceptor Boats being constructed for the Indian Coast Guard.

Pidilite Industries: The Company has completed the acquisition of 70 per cent equity shares of CIPY Polyurethanes Pvt. Ltd.

ONGC: ONGC Videsh led Indian consortium comprising of ONGC Videsh, Indian Oil Corporation Limited and Bharat Petro Resources Limited to acquire 10 perc ent stake in Lower Zakum Concession, Offshore Abu Dhabi for US$600 million. Indian consortium annual share shall be about 2 MMT.

NMDC: NMDC total production and sales until January 31 at 27.87 million tonnes and 28.89 million tonnes, respectively.

Dredging Corp: Dredging Corp bagged Rs. 30.76 crore contract for maintenance of dredging of naval sites at Mumbai.

UCO Bank: Bank considered the proposal for issue of equity shares to Government of India on preferential basis against the proposed additional capital infusion of Rs. 5,132 crore.

Tata Motors:  Tata Motors Group global wholesales at 1,14,797 in January 2018 .

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