Index trend and stocks in action August 29, 2018

The NSE benchmark Nifty opened the session with a gap-up; however, it almost filled the opening upside gap in the first hour of trading, and thereafter, it consolidated with positive bias to end the day with a gain of 0.44 per cent at 11,743. The price action for the day formed a small body positive candle. Going ahead, the levels of 11,760, followed by 11,800 are likely to act as immediate resistance levels. On the way down, the levels of 11,710, followed by 11,680, are likely to act as immediate support levels. The daily 14-period RSI is quoting around the 75.66 mark and has marked a fresh 14-period high, but it is trading in slightly overbought territory.  

Wipro: Wipro announced that it has been awarded a multi-year business process services engagement and chosen as a finance transformation partner by Falck. 
  
SBI: The appropriate authority has accorded approval to explore and initiate the process of divestment upto 3.8958 per cent of stake of SBI in the National Stock Exchange of India Ltd. through secondary sale. 
  
Jaiprakash Power Ventures: A meeting of board of directors of the company will be held on August 31, 2018, to consider and approve the conversion of loan of lenders (banks and financial institutions) into compulsory convertible preference shares upto an amount of Rs. 4,000 crore and amendment in the existing terms and conditions of FCCB and conversion of loan from unsecured creditor(s) into equity shares.  
  
JMC Projects: JMC Projects board allotted NCD worth Rs. 150 crore on a private placement basis . 
  
Bharat Financial Inclusion: The company has been assigned a pool of receivables of an aggregate value of Rs. 512.81 crore to one of the largest public sector banks on direct assignment basis as per the guidelines prescribed by the Reserve Bank of India. This is the first direct assignment transaction during FY19. 
  
Lakshmi Vilas Bank: The bank has executed a corporate agency agreement with HDFC Ergo General Insurance Company Ltd to offer general insurance products (non-life) to the customers of the bank under open architecture and the same has been approved by IRDA.