Index trend and stocks in action May 24, 2018

After taking a breather in the previous trading session, the NSE benchmark Nifty resumed its downward journey and ended lower by 1.01% at 10,430. The price action formed a sizeable bear candle that maintained a lower high and lower low, signalling resumption of downward movement. For the coming session, the level of 10,380 will act as an immediate support, followed by 10,330, which is the 200-SMA. On the upside, the level of 10,480, followed by 10,550, would now be seen as strong hurdles for the index. The 14-period RSI now stands around the level of 37 and in the past we have seen strong rebound in the index from the RSI levels of 30-32. 

Indiabulls Housing Finance: Company approves raising of funds via issue of NCDs upto Rs 15,000 crore. 

NLC India: 300 MW of Solar PV Power Projects, out of 500 MW Solar PV Power Projects under implementation in the State of Tamilnadu, have been commissioned

Sunteck Realty: Board of Directors in their meeting approved to raise Rs 2,000 crore via issue of securities. 

Tata Power: The Company has signed the Share Purchase Agreements with Tata Sons Limited (TSL) for sale of 43 crore Equity Shares in Tata Teleservices Limited (TTSL), representing 7.45 per cent holding in TTSL.

Shalimar Paints: Company approves Rights Issue worth upto Rs 300 crore. 

MEP Infrastructure: MEP Infrastructure raises FPI investment limit to 100 per cent from 24 per cent.