Index trend and stocks in action February 20, 2019

After a flat to positive start, Nifty gained traction and bulls were seen cruising as Nifty reclaimed the crucial 10,700 level. However, Nifty pared its gain and extended its southward move for the eighth consecutive day. The price action formed a candle which resembled an inverted hammer, a candle with a long upper shadow and a small real body. Going ahead, the level of 10,580 will be a crucial support for the index and a decisive move below this level would lead to extended correction towards the level of 10,535. On the upside, Nifty is likely to find resistance at 100-day moving average, which is presently placed at 10,867. Sustaining above the 100-day moving average would open up for further upside 

KSCL: With reference to seeking clarification on decrease in price, the company has clarified that it is not aware of the reason for movement in the price of shares of the company. It is purely based on market conditions. The company confirmed that there was no material information or announcement or impending announcement, which may have bearing on the price or volumes behaviour of the scrip of the company. 
  
Essel Propack: The company has further received Rs 40 crore towards repayment of outstanding dues of inter-corporate deposit. Essel has already received Rs. 25.30 crore last month and the balance amount is expected to be received by March 2019. 
  
VEDL: With reference to the various news items appearing today with respect to alleged discussions between Vedanta and JSW Steel for a possible last-minute joint bid for Essar Steel, the company has clarified that these news items are speculative and baseless. The company has confirmed categorically that it is not in the process of submitting any revised bid for Essar Steel under the IBC process as mentioned in the reports.  
  
Maharashtra Seamless: The company has today made payment of Rs. 477 crore for acquisition of United Seamless Tubulaar Private Limited (USTPL) under the Corporate Insolvency Resolution Process (''CIRP'') under the Insolvency and Bankruptcy Code 2016 (''IBC'') as approved by the Hyderabad bench of the National Company Law Tribunal . 
  
Majesco: American Public Life Insurance Company has selected Majesco L&A and Group Core Suite platform as the foundation of its digital business transformation strategy. 
  
Duke Offshore: The company has been awarded a prestigious contract by Daewoo-Tata Projects Limited joint venture to provide one initial high speed vessel to support construction for the Mumbai Trans-Harbour Link project.  The contract is for a period of two years with an extension option up to 30 months.