Index trend and stocks in action April 09, 2019

The Nifty witnessed a positive opening, but soon after, it started to pare its morning gains and, at one point of time, Nifty had pared almost 150 points from the high of the day. However, some recovery in the latter part of the trading session helped the index to settle above the 11,600 mark. The price action formed a bearish engulfing like candlestick pattern. The Monday fall has given some early signs of weakness again. The first sign is that it breached the long-legged Doji’s low, which was formed as on weekend of April 5, 2019 on an intra-day basis and engulfed the prior bar. Also, it has closed below the prior bar low and, for the first time after the breakout of four-month range, the MACD line closed below the signal line. As a  result, the histogram moved below the zero line, which is a serious negative signal. Going ahead, sustaining below the Monday session low of 11,549 would lead to an extended correction towards the 20-day moving average, which is placed at 11,496 level. While, on the upside, the level of 11,710, followed by 11,760, is likely to act as a stiff resistance for the index.

Quess Corp: Quess Corp staffing business has successfully converted its strong sales pipeline into contracts with few customers effective from April 1, 2019. This would facilitate Quess to onboard ~23,000 associates. These active deal conversions are expected to benefit the company across its core operating and financial metrics.

Panacea Biotec: India Resurgence Fund, promoted by Piramal Enterprises Limited and Bain Capital Credit, along with its affiliates announced an investment of up to USD 144 million in New Delhi-based Panacea Biotec.

Va Tech Wabag: A new order was secured by Wabag from KMDA under the National Mission for Clean Ganga. The company has informed that a private company under the name of 'Ganga STP Project Pvt Ltd' has been incorporated under the provisions of the Companies Act, 2013 vide certificate of incorporation issued by the Ministry of Corporate Affairs, India on April 5, 2019.

Asian Paint: A fire broke out at the company's paint manufacturing facility in Vishakhapatnam, Andhra Pradesh, on April 8, 2019 in the afternoon. The company is in the process of assessing the extent of damage. The manufacturing operations of the plant have been affected.

Infosys: EdgeVerve has launched CollectEdge to help banks redefine collection predictability and customer experience using AI.

Coffee Day Enterprises: The company has approved to enter into share subscription and shareholders agreement between Coffee Day Enterprises Limited (CDEL) along with its material subsidiary Coffee Day Global Limited (CDGL) and Coffee Day Consultancy Services Private Limited (CDCSPL) with Impact HD Inc., (IHD) for subscription to equity shares of the CDCSPL by IHD by investing rupee equivalent to USD 15 million for 49 per cent stake in the CDCSPL. Post subscription of equity shares by IHD, CDEL and CDGL will hold 51 per cent of the paid-up-equity capital of CDCSPL.