Index trend and stocks in action November 19, 2018

The NSE benchmark Nifty opened the session on a positive note and extended its gains, however, the bulls took a pause and moved in a capped range in the second half of the trading session, but Nifty still registered a gain of 0.62 per cent to end above the 10,650 mark. The price action formed a bullish candle which has managed to pierce above its range seen since the beginning of this month. Going ahead, we expect Nifty to extend its upmove and move towards the zone of 10,710-10,780 as this area is the confluence of its 200-DSMA and the downside gap which was created on October 4 . On the downside, immediate support for the index is placed in the region of 10,600-10,650 and it is important for Nifty to keep its head above this zone if it has to continue its pull-back rally. Failure to hold this support zone would open gates for the level of 10,530 on the downside.

Deepak Nitrite: The company clarified that there has been search operations by the Income Tax Department at the company's premises. 
  
Dr Reddy’s Laboratories: The audit of the company's formulations Srikakulum Plant (SEZ) Unit II, Andhra Pradesh by the US FDA has been completed today with zero observations. 
  
Tata Investment Corporation: The board has approved buyback of 45 lakh shares, representing 8.17 per cent of the total paid-up capital, at Rs 1,000 per share, aggregating to Rs 450 crore. 
  
SRF: The unit in Viralimalai, Tamil Nadu, of the technical textiles business (engaged in manufacture of belting fabrics) of the company has been damaged by cyclone Gaja. The company has adequate insurance cover for the said unit. 
  
Shalimar Paint: Shalimar Paint has proposed a rights issue of 3.4 crore equity shares at Rs 64.5 per share. The company plans to raise Rs 217 crore through the issue. 
  
Infosys: The company  has completed the formation of a joint venture with Temasek, the global investment company headquartered in Singapore. 
  
Vodafone Idea: The company clarified that it has not considered any proposal to sell fibre assets to Bharti Infratel and the news is factually incorrect.