Index trend and stocks in action October 25, 2018

The NSE benchmark Nifty witnessed a cheerful start, but as it has been seen lately, it cut back all its gains and slipped into the red. However, Nifty made a comeback towards the end and closed above the 10,200 mark with a gain of 0.77 per cent. The price action formed a hammer-like candlestick pattern. Going ahead, the levels of 10,300, followed by 10,356, are likely to act as strong resistances for the Nifty. On the downside, the zone of 10,012-10,126 is likely to act as a crucial support level for the Nifty and it needs to hold above this zone to avoid fresh weakness creeping in. But failure to hold this support level would open up further correction up to the level of 9952, which is the low registered in the month of March.  

Tata Steel: Tata Steel has announced support for Tata Sponge's entry into steel business and has identified it as the strategic vehicle for acquisition of steel business of Usha Martin Limited. 
  
Tata Chemicals: The company has signed a memorandum of understanding (MoU) with CSIR – CECRI (Central Electrochemical Research Institute), Karaikudi to explore collaborative technology scaling up of manufacturing cathode materials for lithium-ion cells. 
  
Kilitch Drugs: The company is set to boost its expansion plans in Africa with its first manufacturing plant in Addis Ababa, the capital city of Ethopia. 
  
Jet Airways: The company has clarified that it has not sought any moratorium on any loans or reduction of interest rates from its lenders.