Index trend and stocks in action May 08, 2019

The Nifty opened the session with a gap-up, however, the bulls failed to build momentum on early gains and the index oscillated in a capped range. However, in the second half of the trading session, bears came out with all guns blazing and Nifty ended below the crucial 11,500 mark. The price action formed a long bear candle that managed to close below the last five week’s broad range consolidation. In the coming session, the level of 50-EMA, which is placed around 11,436, is likely to act as an immediate support level and sustaining below this level may take the Nifty all the way down up to the level of 11,370, which is 38 per cent retracement level from the February month low to April high. On the higher side, the level of 11,550 is likely to act as a strong resistance. The RSI is well below the 50 zone and the negative divergences have received confirmation by closing at swing lows. The MACD histogram is clearly showing that the negative momentum is picking up. For the first time after February 20, the RSI reached the 45 zone. Historically 40-45 zone in the RSI is very strong support for the Nifty. Let us wait and watch whether this level will be protected this time in the wake of event risk of the general election results.

HCL Technologies: HCL Technologies has announces its participation at the SAPPHIRE NOW to showcase smart logistics for inventory tracking 1.0 Accelerator.

Trigyn Technologies: UNAIDS has signed a non-exclusive long-term agreement (LTA) with the company’s wholly-owned subsidiary Trigyn Technologies Inc., for providing open source IT services such as Drupal/PHP and Django/Python. This LTA will be for two years.

Vakrangee: Vakrangee has announced an alliance with Dish TV India Limited for distribution of subscription recharge and providing collection services for both its brands - DishTV and d2h.

Biocon: Following the successful approval and European launch of Hulio, (biosimilar Adalimumab) in-licensed by company’s partner Mylan from Fujifilm Kyowa Kirin Biologics, the commercialisation rights have been extended from Europe to the global markets. Biocon, under the terms of its global partnership with Mylan for monoclonal antibodies, retains its economic interest in this expanded in-licensing arrangement and will gain a share of profits from the global markets.

IDBI Bank: IDBI Bank board will pass enabling special resolution in terms of Section 62(1)(c) of the Companies Act, 2013 for issue of equity capital through various modes on May 13.

Dewan Housing Finance: The company has received National Housing Bank's prior approval for proposed disinvestment from Aadhar Housing Finance Ltd.

FDC: The company has informed that a fire incident occurred at the company’s plant located at Raigad district in Maharashtra on May 3, 2019. However, the fire was quickly brought under control. Though the production was disrupted for a few hours due to this incident, there is no significant impact on the operations of the company.