Index trend and stocks in action August 31

Indian benchmark indices ended on a flat to negative note after a volatile session amid August F&O expiry. The benchmark index Nifty opened on a positive note but started declining since the very beginning. Nifty bounced back in the last half-an-hour to close on a flattish note. Nifty has corrected for two consecutive days post a Doji at all-time high level. Hence, we may see some more correction in the near term if Nifty slips below 11640 level, in which case, we hold 11620-11595, followed by 11530, as the supports. However, Nifty succeeded in taking a support at 50% retracement of the prior upward rally from 11532 to 11760 making a hammer-like pattern on the daily time frame. Hence, in case Nifty reverses from here and crosses the crucial level of 11690, we hold 11700, followed by 11760, as the resistances. 


Idea: The prolonged Idea and Vodafone merger has been approved by the National Company Law Tribunal, according to the media reports.

Mindtree: The mid-cap IT company Mindtree is collaborating with GHD Digital on broad digital platform targeting infra and property sectors. The tie-up would help bring cost optimisation dramatically. 

PNC Infratech: The company has received Letter of Award for 54.4 km spread fourth package of Nagpur-Mumbai six-lane super communication expressway from the Maharashtra State Road Development Corporation. The contract is EPC-based and is worth Rs 1999.52 crore.

MCX: MCX’s wholly owned subsidiary Multi-Commodity Exchange Clearing Corporation is expected to start its operations from September 3.    

GAIL: GAIL has signed a Memorandum of Understanding with the Indian Railways  for increasing the use of environment-friendly fuel and natural gas for any activity related to the Indian Railways.

REC: The government promoted Rural Electrification Corporation has sought nod of the shareholders to raise its total borrowing limit from Rs 2 lakh core to Rs 3.5 lakh crore.