Index trend and stocks in action May 15, 2018

NSE benchmark Nifty kicked off the week on a muted note and traded in a 60-point range throughout the day. In the end, Nifty closed almost unchanged around 10,807. The price action formed a high wave sort of candle, while maintaining a higher high-low formation, indicating breather after a strong upmove. Going ahead, the level of 10,840 will act as an immediate resistance, followed by 10,910. On the way down, the level of 10,770 would be seen as an immediate support, followed by 10,690. Today, we may see high volatility in the markets as the outcome of Karnataka state elections will unfold during the day. 

Vedanta: Vedanta has received the approval from the Competition Commission of India for the application made by it for the acquisition of Electrosteel Steels.

JK Paper: JK Paper approves setting up of additional capacity upto 2 lac TPA of Packaging Board, pulping facilities upto 1.60 lac TPA and utilities, etc. at Unit CPM, Gujarat.

Kaveri Seed: Kaveri Seed to consider share buyback on May 24. 

National Aluminium: Aluminium major and Navratna CPSE National Aluminium Company  (NALCO) has signed MoU with the Ministry of Mines, India for setting highest ever target of Rs. 9,350 crore revenue from operations for FY 2018-19 which is 15 per cent higher than last year.

Reliance Infrastructure: The Board has approved issue of shares through rights issue or QIP for up to Rs. 3,000 crore.

Shalimar Paints: Shalimar Paints to consider rights issue on May 23.

Adlabs Entertainment: Meeting of Board of Directors will be held on May 17, 2018, to consider and approve, raising of funds by way of issue of securities to Qualified Institutional Buyers.