Index trend and stocks in action August 30, 2018

After oscillating in a narrow band for the initial part of the trading session, NSE benchmark Nifty witnessed a sharp sell-off in the last hour of trading to settle below the 11,700 mark. The price action formed a long bear candle and, on the way down, Nifty filled the opening upside gap completely which was created on  August 28, 2018. Going ahead, the zone of 11,600-11,640 is likely to act as an immediate support zone and any cool-off upto these zones may attract fresh buying. On the upside, the swing high level, which was marked on August 28, 2018, is likely to act as a temporary top for the immediate short term. However, sustaining above the level of 11,760 may take the index towards 11,800 and 11,840 levels. For the Thursday's session, being the expiry day for the August derivative series, we expect some volatility in the session.  

Greaves Cotton: The company's  board has approved the proposal of investment in Ampere Vehicles Private Limited. The company will acquire 67 per cent in the first phase and further 13 per cent in a span of three years. 
  
Aditya Birla Capital:  The company and Aditya Birla ARC Limited have executed agreements to enter into a strategic joint venture with Varde Partners and create a joint platform to pursue investments in stressed and distressed assets in India. 
  
Laurus Labs:  Laurus Labs has received USFDA approval for metformin hydrochloride tablets USP . 
  
Reliance Infrastructure: Reliance Infrastructure has completed 100 per cent sale of its integrated Mumbai   power distribution business to Adani Transmission. 
  
Jain Irrigation:  Jain Irrigation has announced award of approx. Rs 127 crore contract by Rwanda Agriculture Board (RAB), Kigali, Rwanda, for irrigation and watershed development (1220 /1752 Ha) in Mahama Sector under the export targeted modern irrigated agriculture projects in Rwanda. 
  
National Fertilizers:  National Fertilizers has signed a Memorandum of Agreement with Ramagundam Fertilizers and Chemicals (RFCL) to market RFCL products including 12.71 LMT urea to be produced by RFCL plant at Ramagundam .