Index trend and stocks in action February 05, 2019

The Nifty witnessed a quiet opening and, as the day progressed, it marked a low of 10,814. In the last leg of the session, Nifty reversed sharply and ended the day with a modest gain. The price action formed a small body bull candle with long lower shadow and the index traded within the high to low range of the previous bar. Going ahead, the zone of 10,950-10,985, which is now acting as a multi-month resistance zone, will be the key zone to keep an eye on. On the downside, the identical low level of the last two trading sessions which is placed around the levels of 10,813-10,814 is likely to act as a strong support. Overall, the structure of the index remains strong as Nifty is trading above its key moving averages. However, the zone of 10,950-10,985 will continue to keep the rise under check. 

Wipro: The company has announced setting up of the chair for Artificial Intelligence at the Swinburne University of Technology, Melbourne, Australia. 
  
Coal India: The board has approved the proposal for purchase of company's equity shares up to 4,46,80,850 at a price of Rs 235 per equity share payable in cash for an aggregate consideration up to Rs 1,050 crore. 
  
Mahindra and Mahindra: The company has announced the proactive inspection of rear axles on its Imperio vehicles manufactured between April 2018 and June 2018. This is in keeping with the company's customer-centric approach. 
  
Bharat Financial Inclusion: The company has assigned a pool of receivables of an aggregate value of Rs 751.19 crore to one of the largest private sector banks on a direct assignment basis. With this transaction, the company has completed direct assignment transactions worth Rs 5,448.40 crore in FY19. 
  
SRF: The board of directors has approved project for the manufacture of agrochemical intermediates and associated plants at an estimated cost of Rs 140 crore.