Index trend and stocks in action June 12, 2019

After witnessing a positive start, Nifty build upon early gains and went on to touch its important psychological 12,000 mark. But in the last hour of trading, it came off considerably from the high point of the day before closing the session with a modest gain. The price action resembles a Doji-like candle carrying a higher high-low. In the coming session, the zone of 11,980-12,000 will continue to act as a resistance zone. A decisive move above this zone will open up gates for the bulls towards the all-time high levels. On the downside, the levels of 11,870, followed by 11,770, are the crucial support levels for the Nifty. We are of the opinion that the index is currently undergoing a time-wise correction and we believe a stock-specific action is on the cards, while the market searches for a new direction.

Reliance Industries: Reliance Industries and BP have announced the sanction of the MJ project (also known as D55) in Block KG D6, offshore the East coast of India.

Yes Bank: Yes Bank's ratings have been placed under 'review for downgrade' by Moody's.

HCL Technologies: The Information Services Group has named HCL Technologies a leader in digital transformation services.

DHFL: The company has made full payment towards interest payable on secured redeemable NCDs issued by way of public issue within the cure period of seven working days. The company has made interest payments in lieu of Rs 961 crore as committed to its debenture holders. With this tranche, the company confirms full payment and will seek rating upgrades from agencies.

Trigyn Technologies: The wholly-owned subsidiary of Trigyn Technologies, Inc., has been awarded a contract to provide enterprise support staff services to Baltimore City, Maryland, Baltimore City Office of Information Technology (BCIT).

Avenue Supermarts: The company has issued commercial paper of Rs. 100 crore.