Index trend and stocks in action July 03, 2019

The Nifty opened the session on a positive note and soon it erased the opening gains. It slipped into the negative terrain and extended its downmove to register a low of 11,815. However, in the second half of the trading session, bulls recouped the lost ground and ended the session near the day's high. At the close, Nifty settled at 11,910, up by 0.38 per cent. The price action formed a small bull candle carrying a long lower shadow, indicating buying interest emerging near about crucial short term moving average, i.e. 20-DMA. Going ahead, let us wait and watch whether the current upmove can go beyond 11,920, which is 61.8 per cent retracement of the recent fall (11,203-11,625). Sustaining above the level of 11,920 will take the index towards the 12,000 level. In case Nifty fails to hold above the 11,920 mark, it will lead  to Nifty oscillating in a range. On the downside, the 20-DMA is likely to act as a strong support, which is placed around 11,832 level. The RSI on the daily time frame has marked a fresh 14-day high and moving past the 60-mark will result in a fresh momentum in the index.

Tourism Finance Corporation of India: The company has clarified that it is having banking relationship with Cox & Kings since 2011. It has also reiterated that, as on date, the company’s exposure in Cox & Kings is adequately secured and standard asset in their books.

Uco Bank: The Reserve Bank of India has imposed a penalty of Rs 5 million on the bank for non-compliance of RBI directives on “KYC norms/AML standards/CFT/obligations of banks and financial institutions under PMLA 2002” and also on “opening of current accounts by banks-need for discipline”.

Allahabad Bank: The Reserve Bank of India has imposed a penalty of Rs 5 million on the bank for non-compliance of the directions issued by RBI on "Know Your Customer (KYC) norms/Anti Money Laundering (AML) Standards" and "Opening of Current Accounts".

Aditya Birla Fashion and Retail: The company has approved the completion of acquisition of the business undertakings of Jaypore and TG Apparel.

Kalpataru Power Transmission: The board of directors of the company considered and approved the purchase of 19.94 per cent of the equity share capital of Shree Shubham Logistics.  

Graphite India: The Karnataka state government granted permission to close the plant and, accordingly, allowed the closure application filed by the company.