Index trend and stocks in action May 09, 2018

After opening with a gap-up, the NSE benchmark Nifty failed to move past the recent swing high of 10,784 level and ended the session near the neutral line. The price action formation resembles bearish counterattack line. Going ahead, the levels of 10,760 and 10,785 will act as immediate resistance levels. Sustaining and closing above the swing high of 10,785 can lead to upmove towards 10,910, which is 78.6 retracement of its previous fall. On the way, the index has strong support in the range of 10,630-10,650.  

Inox Leisure:  The company has commenced the Commercial Operations of a Multiplex Cinema Theatre located at INOX Leisure, Vashi.

Tata Steel: Tata Steel Europe explores potential sale of non-core businesses.

Quess Corp: Quess Corp has completed acquisition of 90 per cent equity in Greenpiece Landscapes India. 

EKC: The Board of Directors passed necessary resolution for removal of Dinesh Bhalotia as Chief Financial Officer of the company and his services have been terminated with immediate effect for involvement in the criminal acts against the interests of the company.

Nestle: Nestle clarifies that it will deposit money in consumer welfare fund formed under GST.

Lupin: Lupin submits New Drug Application for Etanercept biosimilar in Japan.

Sutlej Textiles: Sutlej Textiles' board meeting scheduled on May 11 will consider fund raising not exceeding Rs 500 crore.

Wockhardt: Wockhardt seeks Shareholders' Nod for raising more capital worth up To Rs. 1,500 crore.

Hindalco: Subsidiary Novelis, reported record results for the fourth quarter and fiscal year 2018 with significant year-over-year increases in adjusted EBITDA, net sales, net income, free cash flow and shipments.

Tata Global Beverages: Tata Global Beverages board meeting scheduled on May 11 will consider issue of NCD/debt securities on private placement basis.