Index trend and stocks in action July 17, 2018

The NSE benchmark Nifty opened the session on a muted noted, but soon after opening, the bears took the centre-stage and tightened the grip as the session progressed. In the end, Nifty ended near the day’s low at 10,937, plunging 0.74%. The price action formed a long bear candle, which has filled the opening upside gap area (10,976-11,000) formed on July 12. Monday’s session low (10,926) would be a crucial level for the coming session as this level is near about the May high of 10,929. However, a fall below this level would lead to a further decline up to the level of 10,879, which is 38.2 per cent retracement of the recent upmove, followed by 10,833 level, which is an important short-term moving average, i.e. 20-day EMA. On the upside, the zone of 10,980-10,990 will pose stiff resistance. 

Adani Ports: Adani Ports arm has signed an agreement with NYK Auto Logistics to form a joint venture which will specialise in transport of finished vehicles using automobile freight trains. 

BEML: BEML and L&T  have signed a memorandum of understanding (MoU) to jointly capitalise on the emerging opportunities in the domestic and export markets for defence products and systems. 

Dilip Buildcon: Dilip Buildcon has executed concession agreement with NHAI for Karnataka road project. 

Bharat Electronics Ltd: BEL has recently signed a memorandum of understanding (MoU) with Saab, Sweden, for jointly marketing the L-Band 3D Air Surveillance Radar, RAWL-03, co-developed by BEL and Saab.