Index trend and stocks in action August 23, 2019

On Thursday, Nifty opened the session below its prior session's close and remained bearish throughout the day. It settled below the 11,750 mark with a significant decline of 177 points. The price action formed a sizeable bearish candle carrying lower high-low and breached its previous swing low of 10,783. As we suspected in our previous write-up, the counter-trend consolidation has come to an end with a downside breakout. A two-week consolidation in the form of bearish flag pattern downside breakout with the highest volumes triggered the next leg of the downside move. These breakdown implications are very serious in nature. The market may test the 10,450-10,500 level in the short term. The fall will be more ferocious than the flag pole, which means we are going to achieve the target in less than two weeks. The flag pole duration is 13 trading sessions. As per the bearish flag breakdown rule, the downside target of pole size will be achieved in flag pole duration. This means the breakdown is already two days old. The probability of achieving the target in the next 11 trading sessions is very high. On the upside, immediate resistance would be seen around the 10,810 mark.

Dabur: The company's wholly owned subsidiary Dabur International Limited has acquired management control of a new company namely 'Excel Investments (FZE)' in Sharjah, UAE. Accordingly 'Excel Investments (FZE)' has become a step down wholly-owned subsidiary company of Dabur.

Pidilite Industries: A state-of-the-art manufacturing plant of Pidilite Speciality Chemicals Bangladesh Private Limited (PSCBL) was formally commissioned at Bhaluka in Mymensingh.

TCS: The company has launched an enhanced version of its unique diagnostic solution, TCS lntelligent Cloud Migration Continuum, to help customers build business cases, take informed decisions on the choice of cloud and sequencing of applications to target for cloud migration and modernisation, as part of their digital transformation journey.

Future Retail: Amazon has agreed to make an equity investment in Future Coupons Limited for acquiring a 49 per cent stake comprising both, voting and non-voting shares.

Infosys: Infosys and University of Illinois Urbana-Champaign have entered into a strategic partnership for precision medicine.