Index trend and stocks in action October 11, 2019

Nifty failed to build on Wednesday's session gains and closed below the 200-DMA. Although, Nifty remained under selling pressure on the weekly expiry day, it traded within the high to low range of the prior bar, i.e. the high is lower than the previous bar's high, and the low is higher than previous bar's low. All this action resulted into formation of inside bar on Thursday. In  recent times, we have seen every pullback attracts fresh selling pressure. Meanwhile, the IndusInd Bank Q2 results could not enthuse the market. In fact, both the Private Bank and PSU Bank indices fell nearly 3 per cent each. All the components of Bank Nifty closed in the negative territory. It was the index pivotal Reliance Industries which gained about 2.87 per cent that helped the Nifty to restrict losses. Going ahead, Wednesday's high (11,322) and low (11,090) are critical resistance and support levels now. As long as these levels are not broken, it is better to stay in the sidelines. Only above 11,322 levels Nifty is likely to see a renewed interest from the momentum buyers. The level of 11,321 is 38.2 per cent retracement level of the recent upmove. Once this level is cleared, the next level of resistances will be placed at 11,400 and 11,460. In any case, if Nifty fails to clear Wednesday's session high and falls below the low of 11,090 level, then the downward journey resumes again with added momentum. Hence, the bottomline for traders is to wait on the sidelines as long as Nifty trades between high-low of Wednesday's session and to concentrate on stock specific action. Once, the levels are breached, orders should be placed in the direction of trend and ride the trending wave.

Biocon: Biocon Biologics & Just - Evotec Biologics Sign Licensing Deal for a Biosimilar Asset.

ARSS Infrastructure Projects: Company has bagged two work orders worth about Rs 220.65 crore.

Tata Steel: Tata Steel India’s Crude Steel production was flat on QoQ basis.

Vakrangee: Vakrangee announced its partnership with Aadhar Housing Finance Ltd for offering distribution of Home Loan & Loan against Property through its Nextgen Vakrangee Kendras.

Eveready Industries: Company has completed the sale of its property in Chennai for a consideration of Rs 100 crore.