Index trend and stocks in action March 08, 2019

The Nifty opened the session on a positive note but pared its gains soon after and drifted into the negative terrain. However, in the afternoon session, the bulls made an attempt to gather momentum and surge higher, but the index failed to sustain at higher levels and gave up its gains. To sum up, Nifty clearly saw signs of fatigue after moving higher in the last couple of sessions. At the closing bell, Nifty closed marginally above the neutral line at 11,058. The price action formed a small body bear candle with long lower shadow which resembles a ‘hanging man’ pattern; however, the formation is not a perfect textbook one. The stochastic oscillator is in the extreme overbought condition which, along with the formation of an exhaustive pattern, clearly hints that the index may witness some more consolidation before it makes any major headway on the higher side. In the coming session, the level of 11,020 would act as an immediate support, followed by 10,990 level, while on the upside, the February 7 high of 11,118 likely to act as a major roadblock for the index.

Arvind Fashion: From March 8, 2019, the equity shares of Arvind Fashions have been listed and admitted to dealings on the exchange in the list of 'T' group securities.

KNR Construction: KNR Constructions has bagged Hybrid Annuity Project (HAM) with the bid project cost of Rs 920 crore. Also, it has bagged an order worth about Rs 135 crore from Karnataka Road Development Corporation.

Lupin: Lupin has received FDA approval for Atorvastatin calcium tablets USP.

Infosys: Infosys will deliver engineering and digital services to the Rolls-Royce group.

BLS International Services: The company has been signed up by the Embassy of Vietnam to accept visa applications in India.

Sadbhav Infrastructure Projects: The submission of draft documents for financial closure by Sadbhav Kim Expressway Private Limited, a wholly-owned subsidiary of the company, to National Highways Authority of India has been completed.

Reliance Industries: Reliance Industries through a wholly-owned subsidiary has entered into an MOU with NMSEZ to sub-lease land of about 4000 acres along with the associated development rights by making an initial payment of Rs 2180 crore, subject to fulfillment of certain conditions.