Index trend and stocks in action November 15, 2018

The NSE benchmark Nifty started off the session on an optimistic note and on expected lines it faced resistance around the level of 10,650 and then shaved off all early morning gains. Thereafter, high volatility was seen and Nifty ended the session almost flat at 10,576. The price action formed a negative candle carrying higher high and higher low as against previous session candle, suggesting profit-booking near its hurdle of 10,650. Going ahead, it would be important to watch action around the zone of 10,610-10,650, beyond which a fresh leg of upside potential will open up, in which case, the level of 10,710-10,750 would act as a resistance area. On the downside, major support is seen around the levels of 10,440-10,480. 

Tata Power: Tata Power’s joint  venture ‘Resurgent Power’ has signed a share purchase agreement to acquire about 75 per cent stake and 27 crore preference shares in Prayagraj Power Generation  which owns and operates a 1,980 MW super-critical power plant in the state of Uttar Pradesh, India . In the joint venture, Tata Power arm will own 26 per cent stake, while the balance 74 per cent stake will be held by ICICI Bank and other global investors. 
  
Dhanuka Agritech: The board has approved the proposal of buyback of 13.12 per cent of equity share capital at Rs 550 per share, aggregating to Rs 82.5 crore. 
  
Alkem Laboratories: The US FDA has concluded inspection at Taloja unit with no observations 
  
Apollo Hospital: The board has approved to demerge front-end retail pharmacy segment into a standalone pharmacy segment called Apollo Pharmacies .
  
Hero Motocorp:  Hero MotoCorp has commenced the national retail sales of its new Destini 125 scooter. 
  
Oil India: A board meeting will be held on November 19 to consider buyback of shares and issue of debt securities in domestic and overseas markets . 
  
Sundaram Finance: Sundaram Finance and Ageas Insurance have announced non-life insurance JV SFL and associates to divest 40 per cent in Royal Sundaram . 
  
Yes Bank: The bank has acquired 2,30,655 equity shares, constituting 30 per cent of the paid-up share capital, having nominal value of Rs 100 per share of Valecha Investments Pvt. Ltd., pursuant to invocation of pledge on the said equity shares subsequent to default by promoters group companies in the credit facility provided by the bank. Also, Ashok Chawla, the non-executive (independent) chairman of the board, has tendered his resignation on November 14, 2018 with immediate effect.