Index trend and stocks in action November 20, 2018

The NSE benchmark extended its winning streak for the third straight day and managed to close above its crucial 200-DSMA at the level of 10,763 with gain of 0.76 per cent. The price action formed a small body positive candle with a long lower shadow carrying higher high and higher low. After witnessing a breakout of two week’s consolidation range of 10,440-10,650, Nifty has witnessed follow-up buying and it has entered into the bearish gap area (10,858-10,755) which was created on October 4. Going forward, the zone of 10,850-10,860 is likely to act as a stiff hurdle for the Nifty as the level of 10,858 is an upper gap hurdle. On the other hand, the level of 10,710 is likely to act as an immediate support level, followed by 10,650. The RSI on the daily time frame is currently quoting around 59 and it has marked a fresh 14-period high which is positive, but for the momentum to continue, it has to get past the 60 mark.  

Kridhan Infra:  Kridhan Infra's Singapore subsidiary Swee Hong Limited ('SHL') has successfully won an order for construction of link sewers for the DTSS Phase 2 Project from the Public Utilities Board, Singapore, worth INR 195 crore (SG$37.2 million) . 
  
Oil India: The board has approved raising foreign currency debt securities worth Rs 4,000 crore. The board also approved buyback of 4.45 per cent of total paid-up share capital at Rs 215 per share aggregating to Rs 1,086 crore. The record date is set for December 3. 
  
NMDC: The company has clarified that Donimalai mine’s lease had already been extended by the Karnataka government for a period of 20 years with effect from Nov. 4. As per the information received by the company, the Karnataka Cabinet had not taken any decision to cancel the lease of Donimalai to NMDC. Pending the decision by the Karnataka government, production has been temporarily suspended. 
  
PSP Projects: The company has bagged new institutional and industrial projects worth Rs. 372.47 crore from various clients, including two projects of Rs. 208.49 crore in which the company has been ranked the L1 bidder by the regulatory authority. 
  
HEG: The board will consider the proposal for buyback of equity shares of the company on November 26. 
  
Usha Martin: The company has clarified that it was not aware that former chairman Basant Prashant Jhawar may sell majority stake as part of the company’s deal with Tata Steel. 
  
Yes Bank:  Rentala Chandrashekhar, non-executive independent director has tendered his resignation from the board of directors of Yes Bank with immediate effect.