Index trend and stocks in action May 30, 2019
The Nifty closed lower than the previous day and formed lower high and lower low on a daily basis. This gave the confirmation for Tuesday’s bearish pattern 'hanging man'. Since last four trading sessions, the Nifty is trading within the range of May 23. Going ahead, Monday’s low of 11,812 is a crucial support level for the index and in case the Nifty closes below this level, we can assume that the intermediate top is formed at 12041 (spot). On the higher side, the Nifty needs to close above 11950 to get a bullish momentum again. As the indicators are also turning down and the momentum is waning, at the current level, better avoid long positions for the time being. The volatility may increase on account of May series expiry on Thursday.
Cholamandalam Finance: The company has entered into an agreement to raise $222 million debt funds in the form of US dollar bonds from International Finance Corporation (IFC) ($92 million), First Abu Dhabi Bank ($50 million), MUFG Bank Ltd ($50 million), National Bank of Ras AI Khaimah PJSC ($20 million) and CTBC Bank Co. Ltd ($10 million).
Aban Offshore Ltd: The board has approved raising of additional long term resources through issue of FCCBs, GDRs, ADRs, etc. not exceeding an amount equivalent to USD 400 million and up to Rs 2,500 crore via QIP
SBI: The board has granted its approval to raise Basel III compliant tier-2 bonds up to Rs 5000 crore in USD/INR to be issued to overseas and/or Indian investors during FY20, though a public offer/private placement.
Goa Carbon: The company's Goa unit located at St. Jose de Areal, Salcete, Goa has resumed operations from May 25, 2019.