Index trend and stocks in action February 27, 2019

The Nifty showed a knee-jerk reaction to the Indian Air Force attacks on Pakistan terror camps across the LoC and the weakness extended as Nifty pierced below the 10,750 mark. However, as the day progressed, Nifty recovered and closed over 100 points from the lows of the day to settle at 10,835 with a decline of 0.41 per cent. The price action formed a bull candle with upper and lower shadow. Going ahead, it is important for the index to get past the identical top of the last two trading sessions at 10,887-10,889. Once Nifty sustains above this resistance zone, we believe it will move towards the zone of 10,950-10,965. On the downside, immediate support is seen around 10,780 and the next support is seen around the 10,720 mark.  

Bharat Financial Inclusion: Bharat Financial Inclusion has assigned a pool of receivables of an aggregate value of Rs. 1,217.80 crore to one of the largest private sector banks on a direct assignment basis as per the guidelines prescribed by the Reserve Bank of India. This is the eighth direct assignment transaction in FY19. With this transaction; the company has completed direct assignment transactions worth Rs. 6,666.20 crore in FY19. 
  
Unichem Laboratories: The company decided to lodge an appeal against the General Court's judgment before the European Court of Justice. The company has asked the Court of Justice (i) to overturn the General Court judgment; and (ii) to ultimately uphold the company's appeal against the underlying Commission decision and determine that the company did not conclude an anti-competitive settlement agreement with Servier. The company awaits the outcome of this appeal process in due course. 
  
Tata Steel: The board has approved raising fund up to Rs 5,000 crore via NCDs. 
  
MRF: The strike at the company’s manufacturing plant at Chennai, Tamil Nadu, has been called off by the workmen. 
  
ONGC: ONGC Videsh, a wholly-owned subsidiary of the company, said it, along with its partners, has signed agreements to sell 8.1 million tonnes of LNG from the Mozambique project to firms such as Shell, Tokyo Gas and China's Cnooc. 
  
Bank of Maharashtra: The board has approved the proposal of raising of equity capital up to Rs 205 crore by way of issue of equity shares to the Government of India on preferential basis. 
  
GMR Infrastructure: GMR Airports Limited has emerged as the highest bidder for the greenfield airport at Bhogapuram in Andhra Pradesh 
  
Time Technoplast: Confidence Petroleum India Limited and Time Technoplast Limited have joined hands to give new thrust for making LPG available across India in blast-proof composite cylinders