Index trend and stocks in action May 17, 2019

The Nifty, after moving in a slender range in the first half of the trading session, surged higher in the second half of trading session and ended the session above the 11,250 mark. Since the last two trading sessions, Nifty has been moving within the Tuesday’s range and this has resulted in formation of double inside bar. Over the last four trading sessions, Nifty has been moving in the range of 11,300-11,108. Hence, trend traders will keep an eye on two levels, namely, 11,108 and 11,300, and breakout on the either side will result in a trending move. If bulls manage to surpass the resistance level of 11,300, Nifty may scale higher towards the levels of 11,370-11,400. On the downside, breach of 11,108 would result in a correction towards the level of 11,000.

Trigyn Technologies: The wholly-owned subsidiary of the company Trigyn Technologies, Inc., has been awarded a contract for providing information technology temporary placement services for the Houston Independent School District (HISD). The contract becomes effective on July 1, 2019 and has the potential to extend for a period of five years, through June 30, 2024.

InterGlobe Aviation: The company has clarified on a news item captioned ‘Indigo promoters Bhatia, Gangwal differ over airline’s control, performance’ stating that the company is not in a position to comment on such news as it relates to the promoters of the company.

Bharat Forge: Bharat Forge has rolled out the one millionth finished machined crankshaft that powers heavy duty engines of Daimler AG.

Manappuram Finance: The board of directors at its meeting has accorded approval for acquiring 100% equity shares of Manappuram Asset Finance Limited.

Punjab National Bank: The bank has called off a deal to sell stake in its housing finance arm to General Atlantic and Varde Partners. PNB informed that post termination of the share purchase agreement, it will continue to be the sole promoter of the company and stay strategically invested in the company.