Index trend and stocks in action on April 03, 2020

A sharp rise and a steep fall has been the story of Nifty for the last couple of trading sessions. On Tuesday, Nifty surged 3.82 per cent but on Wednesday, it almost erased the entire gains of the prior day and ended down by four per cent.

The price action of the day formed a sizable bearish candle by opening the session right at the high of the day and closed near the bottom, 20 per cent of the day’s range. On Tuesday, Nifty opened with a gap up and closed near the day’s high. On a weekly expiry day i.e. Wednesday, it had breached Monday’s low on an intraday basis.

Now 7,511-9,039 has become a critical range. As long as these levels are protected, the market will consolidate with a higher volatility. In any case, if Nifty closes below 8,198, there are higher chances of testing prior low of 7,511. Downfall will start below 8,198 with renewed energy and is likely fall like a fireball.

Overall, the level of 8,198 is a crucial level to watch out. Any close below this level, there are higher chances of testing prior low of 7,511.

Jubilant Foodworks: India’s most-trusted brands, Domino’s Pizza and ITC Foods Ltd partners to deliver essential items and help Indians stay at home.

Reliance Industries: The board of directors of the company has approved a proposal for raising funds through issuance of NCDs up to Rs 25,000 crore on a private placement basis.

Cadila Healthcare: Zydus receives a final approval from USFDA for Lamotrigine extended-release tablets.

Cyient: Cyient provides drone-based surveillance technology to support Telangana State Police in implementing COVID-19 lockdown.

Shilpa Medicare: Shilpa Medicare's finished dosage formulation facility in Telangana got EU GMP certification by Austrian authority (AGES).

Aurobindo Pharma: The company on mutual termination of definitive agreement entered into an acquisition for commercial operations and three manufacturing facilities in USA from Sandoz Inc., USA, a novartis division, by their wholly-owned subsidiary, Aurobindo Pharma USA Inc., USA after approval from US Federal Trade Commission for the transaction was not obtained within anticipated timelines.

Cipla: The company announced the successful completion of Phase-3 clinical study for a generic version of GSK's Advair Diskus.