Index trend and stocks in action May 07, 2019

In contrast to the past three trading session's price action, Monday's session witnessed a gap-down opening and remained in the negative terrain throughout the day. Nifty ended the day below the important psychological mark of 11,600, down by 0.97 per cent. In the coming session, April's moth low of 11,549 would be the key level to watch out for as holding above the same would keep supportive options open. Firstly, the zone of 11,549-11,556 is a very crucial support zone, as last's month low of 11,549 is placed in this region. Secondly, the 23.6 per cent fib retracement of the upmove from February's low to high of April is placed around 11,556. Also, it is the lower end of the broad trading range which the index has witnessed in the last five weeks. On the higher side, the Monday's gap area of 11,633-11,699 is likely to act as a key resistance zone. The leading indicator RSI, after forming series of lower tops, has finally breached its recent swing low of 53 and is currently placed around 50. The MACD histogram is suggesting that the downside momentum is picking up.  

Lemon Tree Hotels: The company has opened hotel under brand name Red Fox Hotel, which is located at Alwar, Rajasthan. This is company's second managed hotel in Alwar, Rajasthan. The hotel has 49 rooms with a conference facility, multi-cuisine coffee shop, bar, fitness centre, etc.

HDFC Bank: The board of directors of the bank would consider a proposal for sub‐division of bank's equity shares from 1 (one) equity share of face value of Rs 2 each to 2 (two) equity shares of face value of Rs 1 each, at their meeting to be held on May 22, 2019.   

Dhanuka Agritech: Dhanuka Agritech has launched Largo for cotton and chilli crop protection in India.

Wipro: The company has announced that its NetOxygen LOS has been named a winner of HousingWire's sixth annual HW Tech100 Award. This award recognizes the most innovative technology companies in the US housing economy across the real estate and mortgage industries.

TCS: The company has announced that Bank Yahav in Israel has successfully deployed the TCS BaNCS digital platform for banking and trading to deliver a consistently superior customer experience across channels.

Kesar Enterprises: The company has closed its crushing operations for the sugar season 2018-19 at its sugar factory at Saheri, Uttar Pradesh.

HDFC: HDFC to consider issue of NCDs on a private placement basis on May 13.

IOB: As part of its strategy to unlock assets to raise capital, the bank has identified 32 properties for sale, including prime properties in Singapore and Hong Kong aggregating in value to Rs 900 crore.