Index trend and stocks in action on April 28, 2020

Nifty opened the session with an upside gap and it extended its up-move in the initial part of the trading session. Thereafter, Nifty turned sideways and in the last leg of the trade, it corrected almost 100 points from the day’s high. Finally, Nifty closed the session at 9,282 level.

The price action formed a gravestone doji like pattern for the second consecutive day right at the resistance area. However, the indicator setup did not change much.

Going ahead, the level of 9,390 is likely to act as a resistance level, which is 38.2 per cent retracement level. Meanwhile on the downside, an immediate support is seen around 9,180 level, followed by 8,909. For long position traders, it is advisable to wait for the decisive breakout above 9,390 level. Until this level is not crossed, do not expect a momentum on the higher side. On the downside, 9,180 is a key level to watch out.

Reliance Industries: A meeting of the board of directors of the company is scheduled on April 30, 2020 for considering a proposal to issue equity shares to the existing shareholders on right basis and recommend dividend on equity shares of the company. Further, the company has also allotted unsecured, redeemable, non-convertible debentures (NCDs) of the face value of Rs 10,00,000 each, aggregating Rs 2,795 crore.

Justdial: Justdial to consider share buyback on April 30.

UPL: The company confirms the completion of acquisition of Yoloo (Laoting) Bio-technology Co. Ltd, that was announced on November 14, 2019, post all customary and regulatory approvals, further stating that the transaction is closed.

Shipping Corporation of India: Shipping Corporation physically handed over the vessel MT Maharaja Agrasen to the buyer's representative at Galle Anchorage in Sri Lanka.