Index trend and stocks in action August 06, 2019

The Nifty opened the session with a gap-down at 10,896 and traded beneath the same level through the session. In the end, it did came off about 80-odd points from the day’s low, but still ended the session below the 10,900 mark. The price action formed a small body bearish candle with a long lower shadow. In the last three sessions, even though the index is seen tumbling in the first half of the trading session, it is attempting to bounce back from the lower levels and probably the 61.8 per cent retracement level of October-July rally is lending support. Going ahead, the low of Monday’s session would be a crucial support level for the index, but failure to hold this support would result in extended sell-off. On the upside, immediate resistance is placed at the level of 10,900 and a decisive close above this level would result in bull attempting a pullback rally towards the level of 11,080.

Minda Corporation: The National Company Law Tribunal, New Delhi bench, has approved the scheme of amalgamation of five domestic Indian wholly-owned subsidiary companies i.e. Minda Management Services Limited, Minda SAI Limited, Minda Automotive Solutions Limited, Minda Autoelektrik Limited & Minda Telematics and Electric Mobility Solutions Private Limited into Minda Corporation.

HCL Technologies: HCL Technologies and Oracle Health Sciences will collaborate to accelerate mHealth in clinical trials.

Tata Power: Tata Power Solar has commissioned 70kW solar rooftop installation at India International Centre, New Delhi.

IOL Chemicals and Pharmaceuticals: The company has made prepayment of the term loan of Rs 14 crore due to banks in addition to regular repayment schedule. The company has made prepayment of the term loan of aggregate amount of Rs 98.18 crore till date to reduce its debt.

SRF: The board of directors has approved project for setting up of an integrated facility for development of PTFE at an estimated cost of Rs 424 crore.

Music Broadcast: Radio City has become the first Indian radio network to acquire commercial rights to sell ad space at the Lucknow metro stations and play curated content for three years.

Wipro: The company has announced that Designit, its strategic design arm, has opened a new studio in Sydney to expand its Australian operations and meet growing business requirements in the region

Wabco India: On the back of weak demand and based on customer schedules, the company has closed operations in five of its plant for a certain period of time.