Index trend and stocks in action May 22, 2019

The Nifty started the session on a positive note and registered a fresh all-time high level of 11,884. However, profit-booking emerged at higher levels and, as the day progressed, the selling pressure intensified and Nifty lost 1.01 per cent to close at 11,709 levels. In terms of the candlestick patterns, the index has formed a ‘Dark Cloud Cover’ like pattern. Going ahead, the levels of 11,750 and 11,830 are likely to act as immediate resistances. while on the downside, Monday’s session low of 11,592 is likely to act as a strong support level. However, if the index sustains below 11,592, we might see the upside gap of May 20 to be filled completely. The RSI on the daily chart has slipped below the 60 mark and is trading at the 58 mark.

UFO Moviez: The board of directors of the company in its meeting has approved dissolution of UFO Lanka (Private) Limited, a wholly-owned subsidiary of the company.

FDC: The board of directors will consider share buyback on May 24.

HUL: A meeting of equity shareholders is scheduled on June 29 to approve amalgamation with GSK Consumer Healthcare.

Vedanta: The Government of Maharashtra had invited bids for grant of two copper composite licences (prospecting licence cum mining leases) on February 1, 2019 through e-auction. These copper blocks, namely, Thanewasna and Dubarpeth, have 768.62 ha and 816.29 ha area, respectively, in Chandrapur district, Maharashtra. The company participated in the forward e-auction and, after being technically qualified, has been declared as the preferred bidder for these two blocks. The blocks require extensive exploration and the process will commence in due course.