Index trend and stocks in action on February 26, 2020

Nifty opened on a positive note on Tuesday; however, it could not build upon early gains. Throughout the day, there was a tough battle between the bulls and bears but at the end, it closed in negative territory and declined for the third straight session. Nifty ended below 11,800 mark, down by 0.27 per cent.

The price actions have formed yet another bearish candle with lower-high and lower low, in comparison to the previous trading session. Going ahead, the zone of 11,749-11,783 is an important support zone as 78.6 per cent retracement of rise after the Budget is placed in this zone as well as February 4 gap area is also in this zone. Hence, this support zone is an important level to watch out for the bulls. On the upside, the zone of 11,900-11,930 is likely to act as a stiff resistance and until this resistance is cleared convincingly on the upside, it is likely to be a sell on the rally market. This is due to the reason that Nifty trades below its short-term 20-DMA and 50-DMA and also, 100-DMA.  Further, 20-DMA and 50-DMA is in declining mode, indicating that the trend is down.

Overall, the structure is weak for the short-term and rallies are likely to be sold until the resistance zone of 11,900-11,930 is not crossed. 

IRB Infrastructure Developers: IRB Infrastructure has been awarded the prestigious Mumbai-Pune Expressway project under the Toll-Operate-Toll (TOT) model.

Bandhan Bank: Considering the efforts made by the bank to comply with the said licensing condition, RBI has lifted the regulatory restriction on branch opening, subject to the condition that the bank ensures at least 25 per cent of the total number of 'banking outlets’ during a financial year, have opened in unbanked rural centres.

Bank of Baroda: The Capital Raising Committee (CRC) of whole time directors of the bank is scheduled to be held on March 2, 2020 to consider raising of capital funds through issuance of capital debt instruments.

Godawari Power & Ispat: The company has started rolling mill and iron ore beneficiation plant. The rolling mill has a capacity of 4,00,000 tonnes per annum and the iron ore beneficiation plant has 10,00,000 tonnes per annum. It has already received the Chhattisgarh Environment Conservation Board’s approval on January 18, 2020.

Arrow Greentech: The company received closure intimation notice from Gujarat Pollution Control Board for the manufacturing unit in Ankleshwar. The said plant is already non-functional due to the recent fire incident that happened on October 30, 2019.