Index trend and stocks in action March 27, 2019

After three consecutive sessions of downfall, it was showtime for the bulls as they struck back and ended the session comfortably above the 11,450 level, with a gain of 1.14 per cent.  The price action formed a long bull candle that has filled Monday’s session opening downward gap. Going ahead, the level of 11,510, followed by 11,570, will act as resistance levels, and on the flip side, the level of 11,390 is likely to act as a support level, followed by 11,311. The level of 11,311 is a very important support for the index in the short term and as long as Nifty holds above this support, it is expected to re-test its recent swing high of 11,572, and sustaining above this level would open up gates for further upside towards the level of 11,650.

GMR Infrastructure: GMR Infrastructure has announced proposed investment of Rs 8000 crore by Tata Group, GIC and SSG Capital Management in its airports business.

Meghmani Organics: The company has informed that an accidental fire broke out at early morning hours on March 26, 2019, in one of the manufacturing sections at its agrochemical manufacturing division situated at Dahej in Gujarat. The plant has three manufacturing sections supported by other sub-sections. Only one manufacturing section viz., Cypermthrin got affected due to fire.

Persistent System: Effective April 1, 2019, Mark Simpson will head the Alliance Unit at Persistent Systems. Mark has been with Persistent since 2016 and has been in charge of delivery operations for the Alliance Unit. 

PNB: RBI has imposed an aggregate penalty of Rs 2 crore on Punjab National Bank during assessment of implementation of SWIFT- related operational controls.

Unitech: Unitech  has successfully entered into a share purchase agreement with Sterling and Wilson Private Limited for sale of the entire issued and paid-up share capital of Unitech Power Transmission Limited.