Index trend and stocks in action July 31, 2018

The NSE benchmark Nifty kicked off the week on a positive note, with the benchmark index opening with a gap-up of 18 points. However, Nifty retreated in the first hour of the session to trade below the previous trading day’s closure. However, in the mid-session, Nifty bounced back and rallied to close at fresh life-time high level. The price action formed a small body bull candle with lower shadow. Going forward, immediate resistance is seen around 11,350-11,375 followed by 11,450. On the other hand, Nifty now trades overbought and if it retreats, we expect the level of 10,260, followed by 11,180, as the support levels. 

NHPC: The NHPC  board has approved the proposal for raising corporate debentures/bonds aggregating to Rs 3,300 crore on a private placement basis.

Dr Reddy’s  Laboratories: The company has confirmed that AstraZeneca has filed a lawsuit in the Delhi High Court against the company relating to infringement of three patents on the generic version of Brilinta (Ticagrelor) and the matter is sub-judice.  

Mahindra and Mahindra: The company has  announced that it plans to increase prices of its passenger vehicles by up to Rs 30,000 or 2 per cent. This will be effective from August 2018. 

HDFC Bank:  The board has approved floor price for QIP at Rs 2,179.13 per share. The bank proposed QIP to raise up to Rs 15,500 crore. 

Texmaco Rail and Engineering: A subsidiary of the company  has signed an MoU with CAF Signalling, Spain, which is a market leader in the field of electronic signalling. CAF Signalling's product range includes electronic inter-locking and train protection and warning systems.