Index trend and stocks in action August 22, 2019

The Wednesday’s session belonged to the bears as Nifty posted a loss of 0.89 per cent. The price action formed a sizeable bear candle carrying lower high-low and closed below the 61.8 per cent retracement level of the recent pullback rally from the lower level of 10,783 to the high of 11,182. Nifty moved in a counter-trend consolidation pattern since August 06 and formed a flag pattern. Nifty on Wednesday witnessed breakdown of the flag pattern. Going ahead, the prior week’s low of 10,902 is likely to act as an immediate support level and sustaining below the 10,902 level would lead to further correction. In that case, there is a high probability that the index would head towards its recent swing low of 10,783 in the coming sessions. On the upside, Nifty is likely to find resistance around levels of 10,980-11,000.

Oberoi Realty: The company informs that the Income Tax authorities have initiated search and seizure operations at the premises of the company from August 20, 2019. The IT search is a process as set out under the provisions of the Income-tax Act, 1961, and the company is co-operating with and extending all assistance to the authorities in this regard. The company has declined to comment in detail at this stage on various assertions made in the news which appeared in the media, but it has denied all unsubstantiated allegations as it believes the same are incorrect and misleading.

NMDC: NMDC has decided to cut down the prices of its lump ore and iron ore fines. The lump ore price has been reduced from Rs 3,100 to Rs 2900 per tonne, while the price of iron ore fines has been fixed at Rs 2660 per tonne from Rs 2860 per tonne earlier.

Infosys: Infosys has expanded its strategic partnership with Google Cloud to help clients accelerate their digital transformation with Cloud.

Jai Corp: The company has decided to merge a wholly-owned subsidiary, Jai Realty Ventures Limited, with itself.

Urja Global: The company made an announcement related to agreement with Nippon Nippon Shinyaku Co. Ltd. The company will supply the product only when 100% advance payment is received from Nippon Nippon Shinyaku Co. Ltd. Further, the company has not received any payment till now from the Japanese company, due to which the company has not supplied products till date.