Index trend and stocks in action on April 23, 2020
The bulls fought back on Wednesday as Nifty registered gains of 2.29 per cent to end at 9,187. This amazing gains would have not been possible if not for the index pivotal Reliance Industries, which contributed nearly half of Nifty gains.
The price action formed a sizable bull candle just after the formation of small body candle with a long lower shadow. For the second time, Nifty tested 8,947 levels and bounced sharply. This 23.6 retracement level is working as a support for now. There are several bars formed at this level since the last eight trading sessions. This level is acting as a strong support for the market in the near-term.
Also, Nifty has almost filled Tuesday’s gap and the rally of Wednesday halted exactly at 61.8 per cent retracement of the last two day’s down move. Further, Nifty is moving in higher highs and higher lows fashion within the range. To form a lower low for a bearish move, Nifty should drop and close below 8,909 level. On the other hand, Nifty must move above 9,390 level for the bullish stance.
All-in-all, the level of 8,947 is crucial on the downside and on the upside, 9,390 is a level to watch out as resistance.
Deepak Nitrite: A wholly-owned subsidiary of Deepak Nitrite Ltd has commenced commercial production of Isopropyl alcohol at its manufacturing facility situated at Dahej (Gujarat), in effect from April 21, 2020. This facility has the manufacturing capacity of 30,000 MT of IPA annually. IPA product is a solvent and is majorly used by pharma companies as well as for the purpose of manufacturing sanitiser.
HDFC Life: HDFC Life Insurance to consider raising funds via NCDs on April 27.
KNR Construction: The company’s SPVs have re-commenced the collection of user fee (toll) on all NHAl projects.
Welspun Corp: Welspun Corp Ltd partially resumed operations at its pipe facility in Madhya Pradesh.
TVS Motor: Meeting of the board of directors of the company is scheduled on April 28 to consider and approve the issuance of NCDs.