Index trend and stocks in action January 30, 2019

The NSE benchmark Nifty opened on a negative note and continued with its downward momentum. However, Nifty made a smart recovery in the dying hours of trading and erased most of the losses to end flat at 10,652. The price action formed a long-legged Doji-like candle. The recent correction from the high of 10,987 has retraced almost 38.2 per cent of the entire upmove off October 2018 low of 10,005 to January high of 10,987.Alongside, the stochastic oscillator has entered into the oversold region. Going ahead, Nifty needs to hold the Doji candle's low of 10,584 to keep the pullback options open towards 10,750 level, as failure to do so would result in extension of corrective decline towards the level of 10,550, followed by 10,480 

Yes Bank: Madhu Kapur Group and Rana Kapoor Group have agreed to nominate one representative director each on the bank's board, subject to the completion of the necessary documentation. The two new directors will be announced at the next scheduled board meeting in April, 2019. The board has approved and recommended to the RBI an interim director on interim special duty to have MD & CEO's responsibilities till March. 
  
Coromandel International: A fire accident occurred on January 28, 2019 at the product godown in one of the company's manufacturing units at Sarigam, Gujarat. This unit manufactures crop protection chemicals. The fire has been brought under control and there is no loss or injury to human life. The company has insurance coverage for this and has informed the insurance company about the incident. 
  
Asian Paints: The company has commenced commercial production at Vishakhapatnam plant, Andhra Pradesh. The initial capacity of this manufacturing facility is 3 lakh KL p.a.  
  
DCM Shriram: The board has approved expansion of chlor alkali capacity by 700 TPD and captive power capacity by 120 MW at Bharuch, which will be commissioned by March’ 2021 at an investment of Rs 1070 crore.