Index trend and stocks in action January 23, 2019

The NSE benchmark Nifty opened the session with a negative bias and traded with negative bias for a major part of the session. However, in the last hour-and-half, it attempted to bounce back, but eventually ended in the red and, as a result, snapped its five-day winning streak. The price action formed a small body negative candle with long lower shadow, indicating buying emerging near 38.2 per cent retracement of the upmove seen from the low of 10,692 to high of 10,987. The pattern on the daily chart shows that the index is in the ascending triangle formation, however, a resolute breakout will occur only after the index moves past the level of 10,987. On the downside, the level of 10,800 is a good support, followed by 10,764. 

Va Tech Wabag: Va Tech Wabag has secured Rs 467 crore worth of order from Mangalore Refinery and Petrochemicals Limited towards engineering and construction of a 30 MLD sea water desalination plant expandable up to 70 MLD in Mangaluru, Karnataka. 
  
IL&FS Engineering and Construction Company: The company has received a termination letter from Jharkhand Bijli Vitran Nigam Limited informing the company of the decision of the competent authority to terminate the contract for IPDS Dhanbad package . 
  
Shriram Transport: The company has raised Rs 500 crore via NCDs. 
  
Cyient: The company has signed a definitive agreement to acquire the remaining 26 per cent stake in one of its subsidiaries Cyient DLM Private Limited. 
  
IL&FS Transportation Networks: The interest due and payable on January 22, 2019, on the NCDs was not paid to the debenture holders due to insufficient funds . 
  
Walchandnagar Industries: The company and Indian Space Research Organization's Vikram Sarabhai Space Centre (VSSC) entered into a contract whereby the company will manufacture and supply 'S - 139 End Segments' for the Polar Satellite Launch Vehicle (PSLV) programme. The contract value is Rs 96 crore plus escalation and is likely to be executed over a period of three years. 
  
Reliance Industries: The Competition Commission of India has approved acquisition of stakes in  Den Networks  and  Hathway Cables.