Index trend and stocks in action July 04, 2019

The Nifty opened the session on a positive note, but failed to extend its upmove and traded in a capped range throughout the day. The headline index has witnessed 58-point range move throughout the day and closed with modest gains. The price action formed a small bear candle carrying higher high and higher low. The index has managed to hold above its 20-DMA, which is positive for the index. However, the index has failed to sustain above the 61.8 per cent retracement level of the downmove from high of 12,103 to low of 11,625. Going ahead, the index is now approaching towards its important psychological 12,000 mark. In the coming session, the 12,000 mark is likely to play out as a crucial resistance zone. Over the last week or so, the index has not moved decisively, which clearly indicates that market participants are waiting for the major event of Union budget which is scheduled this Friday. On the downside, immediate support is seen around the 20-DMA (11,826) and as long as bulls manage to hold on to the 20-DMA, maintain a positive bias and 'buy on dips' strategy should be adopted, while a breach of 11,826 level would open up for further correction towards the level of 11,750 level.

Prime Focus: Prime Focus’ international visual effects (VFX), animation and stereo conversion arm, DNEG, has been awarded ‘Media Company of the Year’ at the Evening Standard Business Awards 2019, which was hosted at The Landmark in London on 28 June.

Mcleod Russel: ICRA has cut the company’s long term rating to D from B-. The short term rating has also been revised from A4 to D, citing non-cooperation by the company.

Jindal Steel: India’s largest blast furnace at JSPL, Angul in Odisha has produced its highest ever hot metal production of 10845 MT for a single day on July 2, 2019. It is also reported that this is the ever highest production produced by any of the blast furnaces in India.

JB Chemicals and Pharmaceuticals: The US FDA has concluded inspection of the company's newly set up and commissioned solid oral dosage forms formulations manufacturing facility at Panoli, Gujarat. At the end of inspection, no objectionable observations were found and hence no Form 483 was issued.