Index trend and stocks in action January 29, 2019

The NSE benchmark Nifty witnessed a flat start; and thereafter, the index slipped into negative terrain and as the day progressed selling pressure intensified and the index lost over 1 per cent to end at 10,662. The price action formed a sizeable bear candle carrying lower high-low formation. Going ahead, the level of 10,600 is likely to act as a support level, followed by 10,550, while on the upside, the level of 10,780 is likely to offer stiff resistance. The 14-period RSI has slipped down to the 40 level and, going ahead, a slide below the 40 level would mean further strengthening of downside momentum in the index. 

TV18 Broadcast: ICRA Limited (ICRA), the credit rating agency, has assigned the credit rating of "[ICRA] AAA (Stable)/ [ICRA] A1+" to the company's long-term I short-term, fund-based I non-fund based facilities limits of Rs.750 crore (enhanced from Rs 354 crore). 
  
Newgen Software Technologies: The company has executed an agreement on January 28, 2019, to purchase office premises situated at Sector 132, Gautam Buddh Nagar, Noida, Uttar Pradesh, total admeasuring 4,067 sq. mt. The total consideration for the property is Rs. 49 crore. 
  
Sharon Bio-Medicine: API plant in Taloja, Maharshtra, has been directed for closure of operations under water and air (prevention & control of pollution) acts. 
  
Persistent Systems: The board has approved share buyback of Rs 225 crore. 
  
Hubtown: The board has decided to divest its entire shareholding in one of its subsidiaries Heet Builders Private Limited, comprising of 4,720 equity shares of the face value of Rs 100 per share to purchasers.