Index trend and stocks in action May 31, 2019

Bulls regained their mojo on Thursday and the eventful May series concluded at a record closing high. The price action formed a sizeable bull candle. The bulls have clearly defended Monday’s session low of 11,812 and now, going forward, the immediate resistance is placed in the range of 12,000-12,040. Surpassing the hurdle of 12,000-12,040 may take Nifty towards the next junction of 12,200. The MACD histogram is turning down for the last three days. This indicated that the momentum is waning. But as there is no significant weakness in Nifty, we cannot be bearish at the current juncture. We can continue with the cautiously optimistic approach about the long positions. The negative divergence in RSI still persists and has not yet made any swing high. In case Nifty slips below the 11,812 mark, it may try to fill the upside gap area of May 20.

Shemaroo: On the media report titled "FIR registered against management and directors of Viacom 18 Media Private Limited and Shemaroo", the company has clarified that the company and its directors/employees have not received any formal communication from the police nor received a copy of the FIR till now.

Jet Airways: The company has informed that in view of the ongoing bidding process undertaken by the domestic lenders for change in management of the company, coupled with resignation by members of the board of directors, its key managerial personnel and other employees across functions, the company is not in a position to consider and approve the audited financial results for the year ended March 31, 2019.

Sonata Software: Prasanna Oke has resigned from the position of chief financial officer of the company with effect from the close of business hours on June 30.