Index trend and stocks in action November 14, 2018

The session on Tuesday turned out to be a terrific session for the NSE benchmark Nifty as it reclaimed its 10,550 mark and ended the day with a handsome gain of 0.96 per cent. The price action formed a sizeable bullish candle. The index respected its 2nd November gap area as it took support around that level and bounced back strongly to close near the day’s high. Going ahead, the zone of 10,610-10,650 is likely to pose stiff resistance to the Nifty. The actions of the market vis-à-vis these levels will be important to watch out. It is important for the bulls to clear this major hurdle of 10,610-10,650 or else Nifty will continue to trade in the range of 200-250 points, which we have been witnessing since last 5-6 trading sessions. A follow through move above 10,610-10,650 would take Nifty towards the levels of 10,710-10,780.  

ZEEL: The promoters/promoter group of the company, conveyed their intention to sell/divest up to 50 per cent of their equity stake in the company to a strategic partner, which according to the promoters, is to pursue disruptive technological development and transform the business into a tech-media company. 
  
Hindalco: The company has said that Novelis will invest $175 million to expand aluminium production and recycling capabilities in Brazil. This investment will add 100 KT of rolling production and 60 KT of additional recycling, along with a new water sourcing system and the purchase of approx. 90 acres of land for potential future growth.  
  
Sasken Technologies: The company has received an assessment order under Section 143(3) of the Income Tax Act, 1961 for the Assessment Year 2016-17 wherein a sum of about Rs.68 crore including interest was raised as tax demand on the company. However, the company has stood by the position taken in the income tax return filed for the said year and is in the process of filing an appeal against the said order. 
  
Ashok Leyland: The board of directors of the company has taken a note of the resignation of Vinod K Dasari, CEO & MD, from the company with effect from March 31, 2019.   Dheeraj Hinduja, Chairman, will take over as Executive Chairman with immediate effect. 
  
PNB Housing Finance: Quality Investment Holdings (QIH) has withdrawn from the joint sale process in which the company along with Punjab National Bank were proposing to sell 51 per cent stake in the housing finance entity. A joint communication received from both the interested parties stated that QIH will consider all options with respect to decreasing or increasing the stake in the company depending upon the market conditions.