Index trend and stocks in action August 16, 2018

The NSE benchmark Nifty staged a smart comeback and recouped all of its losses in the previous session to end above the 11,400 mark. The price action formed a long bull candle. On Thursday, Indian markets will open after a day’s break on account of Independence Day holiday and there are chances we may see a weak opening on account of sell-off seen in the global markets. Even if we see a weak opening, the zone of 11,265-11,285 is likely to act as a strong support zone as it is a confluence of 20-day SMA and 38 per cent retracement of the recent upmove and any such panic fall may be used to initiate long position as the index remains in a firm primary uptrend. On the upside, the level of 11,460 is likely to act as a resistance, followed by 11,500.  

Reliance Industries:  Reliance Industries Limited (RIL) has taken short shutdown in one of the Fluid Catalytic Cracking Units (FCCU) at Jamnagar complex to assure reliability and integrity of operations. The unit is expected to restart within two weeks, while rest of the Jamnagar complex will be operating normally. The company does not expect any material impact on overall operations of the Jamnagar complex . 
  
Monsanto India:  Monsanto India has clarified that news of a lawsuit by cancer patient pertains to its US arm. 
  
Siyaram Silk:  The company has commenced commercial production of dyed yarn (Indigo) at its unit at Amravati having an installed annual production capacity of 2,500 MT.  
  
Shilpa Medicare: The board of directors has decided to promote 100 per cent wholly-owned subsidiary company (since incorporated) for the business operations in the US and North American countries. 
  
UPL: The company has subscribed to 10,533 equity shares of Weather Risk Management Services Private Limited (WRMS) constituting 5.01 per cent (on a fully diluted basis) in the paid-up share capital of WRMS. Consequent to the above, UPL's total shareholding in WRMS will increase from 26 percent to 31.01 per cent. 
  
UCO Bank:  The bank has entered into an inter-creditor agreement for resolution of stressed assets. 
  
Kotak Mahindra Bank: The  RBI has communicated to the company that its PNCPS issuance does not meet the promoter holding dilution requirement. The company continues to believe that it has met the requirement and will engage with the RBI in this matter.