Index trend and stocks in action on April 21, 2020
After opening the session with a gap-up, Nifty came down tumbling in the initial hour of the trading session and thereafter, the index spent the rest of the day, oscillating in a capped range without taking any directional bets. At the time of market closing, Nifty lost five points and ended the day at 9,262.
The price action of the day formed a reasonable bear candle at strong resistance level. This bear candle formation is seen after the formation of a hanging man pattern in the prior session.
As we mentioned in our last write-up, Nifty is trading near the crucial resistance zone as it was hovering around 38.2 per cent retracement level and the rising wedge resistance line. Despite opening on a strong note, Nifty failed to move past this resistance level and ended the day on a flat note. Hence, in the coming trading session as well, the level of 9,400 is likely to act as a stiff resistance. Let us wait and watch how it behaves at this level. If Nifty crossed this mark convincingly, one can initiate long positions. On the other hand, support is seen around 9,090 level, followed by 9,000 mark.
Morepen Laboratories: The company has launched a wide range of essential products, required to combat the growing menace of COVID-19 and also, to prevent the further spread of this disease in the country. These include non-contact infrared thermometers, alcohol-based hand sanitisers, hand wash, hand rubs and face masks, all under its umbrella brand-Dr Morepen.
TCS: Amway partners with TCS for strategic IT operations transformation.
Infibeam Avenues: The company has signed a binding agreement for the acquisition of 100 per cent shareholding of AI Fintech, Inc, a company formed and registered in USA. Accordingly, AI Fintech, Inc will become a wholly-owned subsidiary of the company.
Heidelberg Cement: The company has resumed partial operations in some of its manufacturing units and is in the process of doing so for other units as well. The company will gradually step-up its operations, depending upon the market demand and on the directions issued by the government from time to time.
L&T: The company has raised Rs 1,250 crore through the issuance of non-convertible debentures (NCDs).