Index trend and stocks in action March 07, 2019

The Nifty extended its upmove for the third consecutive trading session, but the price action through the day lingered in a confined range. The Nifty ended above the important psychological mark of 11,050. The price action formed small body bull candle carrying minor shadow on either side. Currently, Nifty is nearing its February 7 high of 11,118. The index has seen upmove of over 450 points from the lows of 10,586 registered on February 19. The current upmove from the low of February 19 has hauled stochastic oscillator to its overbought zone, hence there is a possibility that the index may take a temporary breather at higher levels. Such a breather would help the markets to cool off the overbought situation. In such a case, the 200-day moving average, which is placed in the region of 10,865, is likely to act as a strong support. For day trading, the key support to watch is 10,970, followed by 10,910.

Biocon: The US FDA concluded a pre-approval inspection of Biocon's insulin drug substance manufacturing facility triggered by a New Drug Application submitted by insulin API customer. The inspection at the Bengaluru facility took place between Feb 25-Mar 5, 2019 resulting in a Form 483 with six observations.

Himachal Futuristic Communications: HFCL has bagged orders worth Rs 117 crore for the supply of optical fibre cables from Tata Project Ltd. 

Asahi Songwon Colors: The plant operations of CPC crude blue plant at Padra in Vadodara district have been restarted after planned shutdown for periodic maintenance as per the schedule.

LT Foods: The company in its board meeting today has decided to make an investment of Rs 20 crore in the form of preference shares in its majority-owned subsidiary company Daawat Foods Limited (DFL) to strengthen the balance sheet of DFL and improve its current ratio.

Tata Power Co: Tata Power has accomplished a milestone by crossing 7 lakh consumer base mark in Mumbai.

Varroc Engineering: Varroc Lighting Systems has opened a new research and development centre in Poland. It is the company’s second largest investment in Poland in recent months, following the announcement of a manufacturing plant in Niemce, which is scheduled to open in the third quarter of 2019.

Khadim India: The company's commercial paper of Rs 30 crore issued on December 6, 2018, has been redeemed.