Index trend and stocks in action April 24, 2019
The Nifty had a stable start to the session, which was followed by a gradual upmove. However, the upmove was capped as index faced resistance at higher levels. But, in the last hour of trading, bears sneaked in and, all of a sudden, Nifty corrected about 80 points from the high point and entered into the negative territory, logging third straight day of fall. The price action formed a bear candle carrying an upper shadow. With the sharp fall in the last three days, Nifty came into the upward channel. Since March second week onwards, it is oscillating the upper trendline of the channel. The leading sectoral index, Bank Nifty, formed a double top on the daily chart and closed below confirmation point today. This is going to create serious repercussions in the market. Going ahead, the zone of 11,540-11,550 is a crucial level to watch out as 11,549 is the current month's lowest level and the 23.6 per cent retracement for the upmove leg from the low of 10,585-11,856 is placed at 11,556. In case Nifty falls below 11,550-11,540 zone, it may witness some more weakness towards 11,440 and 11,380 levels. On the upside, the 20-day moving average placed at 11,613 is likely to act as an immediate resistance, followed by 11,645. The leading indicator has clearly formed lower tops and lower bottoms and fell to level 53. Historically, on the daily chart, Nifty took support at the 40-45 zone of the RSI. Let us watch whether this time it will hold or crumble. The MACD histogram is increasing for the last three days, suggesting the downward momentum is picking up.
Lupin: The company has received a letter from the US FDA classifying the inspection conducted at its Pithampur (Indore) Unit-2 facility in January 2019 as Official Action Indicated (OAI). The US FDA has stated that this facility may be subject to regulatory or administrative action and that it may withhold approval of any pending applications or supplements in which this facility is listed.
NBCC: NBCC (India) has signed agreements with Government of Mauritius on April 11, 2019, for project management consultancy for construction of Mauritius Police Academy, Forensic Science Laboratory and National Library & National Achieves at Mauritius.
Tata Power: Tata Power, India’s largest integrated power company, announced that its wholly-owned subsidiary Tata Power Renewable Energy Limited has signed a binding agreement to sell its 32 MW operating wind assets located in Satara district, Maharashtra.
Tata Global Beverages: The company has entered into a non-binding term sheet to acquire the branded tea business of Dhunseri Tea & Industries Limited for an aggregate consideration of up to Rs 101 crore.
SML Isuzu: The company has launched two new products, Sartaj 5252 XM (CNG), which is a commercial vehicle, and an ambulance.
Tiger Logistics: Tiger Logistics (India) Limited has bagged another government project of Chittaranjan Locomotive Works (Indian Railways) which will help in the enhancement of branding and increment in the sales figure of the company.
Maruti Suzuki India: Maruti Suzuki India Limited today introduced new Alto, which has been India’s best-selling car for 15 consecutive years. The new Alto now comes with BS-VI compliant engine, nearly a year before the regulation being mandated.
NIIT Technologies: The company has announced that NelsonHall has positioned it as a 'Leader' in the overall market segment for RPA and Al in banking in its latest NelsonHall NEAT report 2019.
Infosys: Infosys product subsidiary EdgeVerve has been named a 'Leader' in the first IDC MarketScape on end-to-end corporate banking solution providers.