Index trend and stocks in action February 12, 2019

Nifty started the week on a negative note and, on the downside, it went on to test its 200-day moving average. However, in the last leg of trading, buying emerged around the crucial moving average and Nifty trimmed some of its losses to ultimately close with a loss of 0.50 per cent below the 10,900 mark. The price action formed a bear candle with a minor lower shadow. Going ahead, the level of 10,850-10,858 is likely to act as an immediate support zone for the index as the 200-day moving average and Monday’s session low is placed in this region. On the upside, Nifty needs to move beyond the level of 10,950 as this would bring back some optimism in the index.  

Axis Bank: The Specified Undertaking of the United Trust of India (SUUTI) will sell up to 5,07,59,949 (representing 1.98 per cent of paid-up equity) equity shares of Axis Bank on February 12 and 13, with an option to additionally sell 2,63,37,187 (1.02 per cent) equity shares through offer for sale. 
  
Alembic Pharmaceuticals: Aleor Dermaceuticals Ltd, a 60:40 joint venture between Alembic Pharmaceuticals Ltd and Orbicular Pharmaceutical Technologies Pvt. Ltd, has completed United States Food and Drug Administration (USFDA) inspection at its formulation manufacturing facility located at Karakhadi in Gujarat with two observations.