Index trend and stocks in action August 01, 2018

The NSE benchmark Nifty extended its record-hitting spree for the fourth straight session. The price action formed a significant bull candle with lower shadow. The index has moved higher by over 400 points over the past eight trading sessions, leading the 14-period RSI on the daily chart to trade in the overbought zone (77). Going ahead, the level of 11,400 is likely to act as a resistance level and a move beyond this level may take Nifty towards the level of 11,470. On the downside, the level of 11,260 is likely to act as strong support for the Nifty. Volatility may be seen in the later part of the trading session on account of RBI policy announcement and any disappointment may act as an excuse for a temporary breather. However, such cool-off could be used to make value purchases.  

Jindal Steel and Power: The company has emerged winner in the prestigious first-ever global tender for supply of rails by Indian Railways. The award of the order to supply close to 1 lakh tonnes of rails comes at the conclusion of a global tender saw participation from eight bidders, including world’s 7 topmost manufacturers of rails. 

Orient Refractories: Orient Refractories approved amalgamation of RHI India and RHI Clasil with itself. 

Bank of Baroda: Bank of Baroda closed three foreign branches in Bahamas, Oman and Bahrain. 

Tata Motors: Tata Motors arm to stop manufacturing operations in Thailand, to use a distribution model. 

Reliance Industries: An international arbitration panel has issued an award in favour of Reliance, BP and Niko consortium rejecting the claims of the Government of India against the consortium in respect of migrated gas by a majority of 2 to 1.