Index trend and stocks in action November 01, 2018

The NSE benchmark Nifty opened the session with a positive bias, however it was gripped by volatility early in the session. But as the day progressed, the bulls established their dominance and Nifty closed the session near the day's high with a gain of 1.85 per cent. The price action formed a long bull candle with long lower shadow, which indicates reversal from lower levels. Going ahead, the positive momentum is likely to continue, but the index is expected to face resistance in the zone of 10,410-10,440 as this is the confluence of the downward gap seen on October 19 and 61.8 per cent retracement on the recent downmove. On the downside, the level of 10,275 is likely to act as a strong support for the index.  

Eicher Motors: The strike in the company has resulted in a loss in production of 25,000 motorcycles for the month of September and October 2018 . 
  
Va Tech Wabag: The company has been awarded a major EPC order worth half a billion Saudi Riyals from Power and Water Utility Company for Jubail and Yanbu (MARAFIQ), Kingdom of Saudi Arabia. 
  
Lemon Tree Hotels:  The company has signed a licence agreement for a 27-room city hotel in the heart of Thimphu, Bhutan, under the company's brand 'Lemon Tree Hotel'. The hotel is expected to be operational by March, 2019. 
  
Shriram EPC: The company has bagged order worth Rs 236 crore from the Drinking Water and Sanitization Department of the Government of Jharkhand.