Index trend and stocks in action November 09, 2018

In a special trading session on Nov. 7 to mark the occasion of Diwali 2018, the Samvat 2075 began with solid gains and wrapped the session at the level of 10,598 with gain of 68 points. On the daily chart of Nifty, there is no significant formation on candles. During the day, bulls made an attempt to cross the level of 10,607, which was the swing high of November 2, but it failed to hold above this as profit-booking was seen at higher levels. Going ahead, the zone of 10,610-10,710 is likely to act as a strong resistance zone. On the other hand, the zone of 10,440-10,500 is likely to act as a strong support zone. 

Glenmark Pharmaceuticals: Glenmark Pharmaceuticals has announced decision to the launch phase 1 trial in solid tumours for its CD38xCD3 bi-specific antibody GBR 1342 based on human translational data . 
  
JSW Steel:  JSW Steel has reported crude steel production at 14.47 lakh tonnes for Oct 2018, a growth of 8 per cent over corresponding month of the previous year. 
  
GAIL: The company has announced it has been  awarded contracts worth Rs 1,100 crore for feeder gas pipeline project in Assam. This move will fast-track the implementation of the Barauni-Guwahati pipeline, which will connect the North-East with the national gas grid. 
  
Mphasis: Mphasis will acquire US-based Stelligent Systems for US $25 million. Stelligent is a technology services company that provides DevOps automation in Amazon Web Services (AWS). 
  
Majesco: Majesco entered into an agreement with Indonesia-based PT PFI Mega Life Insurance to develop management solutions. 
  
PNB: The Government of India has increased stake in the bank by 5.83 per cent to take its shareholding to 71.92 per cent.