Index trend and stocks in action June 04, 2018

NSE benchmark Nifty, after opening in a positive terrain, settled below the 10,700-mark after profit-taking gradually pushed the index lower. The price action formed a bear candle carrying almost identical high, indicating hesitation at higher levels that led to minor profit-booking in the index. In the coming session, the identical high of the previous couple of trading sessions placed around 10,764 would act as an immediate resistance. On the way down, support is seen in the zone of 10,650-10,662 as the 21-day SMA is placed in this region. A follow-through move below the support zone would lead to further round of profit-booking and may take the index down to the levels of 10,610-10,615.

Dr Reddy’s Laboratories: Company informs that the audit of API Srikakulam Plant (SEZ), Andhra Pradesh by the US FDA, has been completed with no observations.  

Kajaria Ceramic: Kajaria Ceramics to acquire 8 per cent equity in Clean Solar Power (Jaipur) for Rs 2 crore.

Whirlpool India: Whirlpool India announces strategic Joint Venture with Elica to Expand Cooking Business, plans to acquire 49 per cent ownership interest in Elica PB India Private Limited. 

Idea Cellular: The company is seeking shareholder nod for issue of non-convertible securities of about Rs 15,000 crore. It is also seeking shareholder nod for change in the name of company to Vodafone Idea. 

Dilip Buildcon: Dilip Buildcon received Letter of Award by the National Highways Authority of India for a new Hybrid Annuity Project valued at Rs. 1313.90 Crore in the State of Karnataka. 

Cadila Healthcare: Zydus receives final approval from the USFDA for Doxycycline Hyclate Capsules USP. 

Biocon: Mylan and Biocon to present new data at the American Society of Clinical Oncology (ASCO) Annual Meeting reinforcing the Efficacy, Safety and lmmunogenicity of Ogivri, the first biosimilar for Herceptin, approved by US FDA.