Index trend and stocks in action August 14, 2018

The NSE benchmark Nifty witnessed a gap-down opening, and during the mid-session, it attempted to fill up the opening downside gap. However, it filled the gap partially and the late selling resulted in Nifty ending the session near the day’s low. The price action formed a small body bear candle with long upper shadow. Going ahead, the low of Monday’s session (11,340) is a critical support level to watch out and a follow through move below the level could lead to further decline up to the level of 11,280, which is near about 38 per cent retracement of recent upmove. On the upside, the level of 11,420 is likely to act as a stiff resistance, which is also its 5-day SMA.  

TCS:  ALDO Group selects Ignio, TCS' cognitive automation solution to intelligently automate its IT operations . 
  
JSW Steel: The company's resolution plan for Vardhman Industries has been approved by the committee of creditors of Vardhman Industries. 
  
Shaily Engineering Plastics: The company is setting up a new plant for manufacture of carbon steel furniture and it has also purchased 17 acres land at Halol for its future expansion requirements. 
  
Kirloskar Pneumatic: The company has won orders worth Rs 63.3 crore from ONGC. 
    
Jet Airways: The company has clarified that the statement “Jey-lagged airline plans $400-million stake sale to PEs” is purely speculative in nature. 
  
Navneet Education: The meeting of the  board of directors of the company is scheduled on August 20 to consider and approve the proposal for buy back of the fully paid-up equity shares of the company. 
    
Infosys:  Infosys will open software development centre in West Bengal and invest Rs 100 crore and create 1,000 jobs in the state in Phase-1 expansion. 
    
Confidence Petroleum: The company has raised Rs 780 million through private placement.