Index trend and stocks in action May 22, 2018
After a flat start, Nifty remained under selling pressure throughout the day and ended near the day’s low. The price action of the day led to formation of a sizeable bear candle carrying lower high-lower low, indicating follow-through weakness. Going ahead, Nifty has a cluster of supports in the range of 10,440-10,500; firstly, the 100-day EMA is placed around the level of 10,475 and, secondly, 50 per cent retracement level of recent upmove from March low is placed around 10,440. On the upside, the zone of 10,620-10,640 would now act as a strong resistance zone.
Future Retail: Future Retail to acquire retail business of Foodworld for a consideration amounting to Rs. 40.79 crore.
Dhunseri Petrochem: The company has entered into a Share Purchase Agreement on with Egyptian Petrochemicals Holding Company (ECHEM) for the purchase of its 23 per cent stake of joint venture company - Egyptian Indian Polyester Company S.A.E (EIPET) in 7 tranches.
CMI: The Board of Directors of CMI have unanimously approved the draft Scheme of Amalgamation of CMI Energy India Pvt Ltd with CMI.
Essar Shipping: Essar Shipping's board has approved sale of older vessels.
HDIL: Company clarify that the Directors of the company were not served any notices or FIR by any authority.