Index trend and stocks in action June 28, 2019

Nifty ended the final trading session of the June series on a flat note with a negative bias. Nifty opened on a positive note and extended its early gains to register a high of 11,911. In the latter part of the session, volatility emerged and Nifty almost lost 90 points from the day’s high and finally settled at 11,841 level. The price action formed a ‘shooting star’ kind of pattern. After trading in a range of 11,844-11,625 for the past six trading sessions, Nifty broke out of this range on Wednesday, but on Thursday it faced resistance at 61.8 per cent retracement of the entire downmove from the high of 12,103 to low of 11,625 and came back within the range. In the coming session, the level of 20-DMA (11,851) should be closely watched by the traders. Only a sustainable move above the 20-DMA is likely to take the Nifty towards the 12,000 mark, while on the downside, the level of 11,800, followed by 11,740, is likely to act as support.

Infosys: Infosys McCamish, a US-based subsidiary of Infosys BPM, announced its partnership with Pan-American Life Insurance Group (PALIG), a leading provider of life, accident and health insurance.

Cox & Kings: The company has defaulted on commercial paper repayment of Rs 150 crore.

Excel Industries: The board has approved the acquisition of a chemical manufacturing unit of NetMatrix Crop Care Limited located at Visakhapatnam, Andhra Pradesh, as a going concern by way of slump sale.

MMTC: MMTC is considering divestment of MMTC’s equity in the JV company Neelachal Ispat Nigam Ltd.

Lupin: The company has received tentative approval for its Mirabegron extended release (ER) tablets, 25 mg and 50 mg, from the United States Food and Drug Administration (USFDA) to market a generic version of Myrbetriq extended release tablets, 25 mg and 50 mg, of Astellas Pharma Global Development Inc.