Index trend and stocks in action July 02, 2018

The NSE benchmark Nifty witnessed a fierce pullback on Friday, halting its two-day decline and closing above the crucial 10,700 mark. The price action formed a strong bullish candle that resembles bullish Marubozu. There are two interesting points which were observed; firstly, after slipping below its 50-DMA, Nifty index took a U-turn and managed to close successfully above its 50-DMA and, secondly, buying interest was seen across the board as the broader markets also participated in this sharp pullback rally. Going ahead, as we step into the first trading session of the July month, we may see a muted opening and the levels of 10,760, followed by 10,790, are likely to play out as immediate resistance levels for the Nifty. On the way down, immediate support level of Nifty is placed at 10,690, which also happens to be its 50-DMA, and the next support is seen around Friday’s session low of 10,612, which would be a crucial level to watch for the bulls in the coming trading sessions.  

Thermax: Thermax has concluded an order of Rs. 340 crore for a leading Indian steel manufacturer for a specially designed boiler, electric turbo generators and ancillary equipment for their production facility in Maharashtra, India. 

Bharti Airtel: Bharti Airtel shareholders and unsecured creditors to meet on July 30 to consider the proposed scheme of arrangement between Bharti Airtel and Telesonic Networks and their respective shareholders and creditors under Sections 230 to 232 of the Companies Act, 2013.   

Tata Steel: Tata Steel and Thyssenkrupp AG signed definitive agreements to combine their European steel businesses in a 50/50 joint venture in a new company. 

Endurance Technologies: The company has informed the exchange regarding consolidation of plant operations and consequent discontinuation of manufacturing activities at Manesar with effect from August 31, 2018. 

MOIL: The company has fixed/revised prices of different grades of manganese ore and other products effective from July 1. 2018. 

Cadila Healthcare: The company has received final approval from the USFDA for triamterene and hydrochlorothiazide tablets USP. 

ONGC: The company’s board has approved in-principle for evaluating potential restructuring of ONGC group companies. 

Dilip Buildcon: The company’s three wholly-owned subsidiary companies have received sanction letter from NBFC and nationalised bank for financing their Hybrid Annuity Mode (HAM) projects. 

Bharat Financial: Bharat Financial has completed the second securitisation transaction of Rs. 815.75 crore in FY19. With this transaction, the company has completed two securitisation transactions worth Rs 1,365.82 crore in FY19. 

Reliance Industries: Radisys Corporation, a global leader of open telecom solutions, and Reliance Industries have entered into a definitive agreement under which Reliance will acquire Radisys for US$1.72 per share in cash. 

Bosch: Bosch plans to sell its packaging machinery business.