Index trend and stocks in action May 29, 2019

The Nifty opened the session on a positive note and formed an open-high kind of scenario. The index took a breather and entered into a corrective mood. However, buying emerged in the last leg of the trading, which helped the Nifty to claw back into the positive territory and end at record closing high. The price action formed a small body bear candle carrying a long lower shadow and its occurrence is similar to a ‘hanging man’. In the coming session, we expect the level of 12,000, followed by 12,041, to act as a stiff resistance for the Nifty, while the Monday session's low of 11,812 is likely to act as an immediate support level for the Nifty.

IRB Infrastructure Developers: The company acting as the Project Manager of IRB InvIT Fund ('Trust') has received work orders for operation & maintenance (O&M) work of the project SPVs of the Trust for further 10 years. These work orders for O&M work would result in improved visibility in consolidated order book of the company over 10 years. Also, IRB Hapur-Moradabad Tollway Private Limited ('SPY'), a wholly-owned subsidiary of the company, has received appointed date from the competent authority. Accordingly, the SPY would commence toll collection and construction on the project w.e.f. May 29, 2019.

Karur Vysya Bank: The bank has entered into a binding term sheet with Centrum Wealth Management for establishing a private limited joint venture company for the purpose of providing wealth management services.