Index trend and stocks in action on January 14, 2020
Nifty opened the session with a gap-up opening and managed to maintain its positive stance throughout the day by oscillating in a narrow range. In the process, the index registered a fresh all-time high and also closed at a fresh closing high level.
The price action formed a bull candle, carrying higher highs and higher lows. It has also managed to close above high of the prior bar, which was a spinning top formation. Further, after multiple attempts, it has finally managed to pierce and close above the 12,300 mark, convincingly. We expect the momentum to continue in the index. Nifty may attempt to test levels of 12,380-12,400 in the near term. On the flipside, the support now stands at 12,250-12,280.
On the daily chart, the RSI has crossed above the 60-mark. However, the daily MACD continues to stay bearish, as it trades below its signal line. All-in-all, we expect the bullish momentum to continue and the level of 12,250-12,280 to act as an important support level.
NMDC: National Mineral Development Corporation (NMDC) completed the execution of mining lease agreements of four mines in Chhattisgarh. Mining lease of the aforementioned deposits is valid up to 2,035.
Linde India: Linde India Board approved the sale of company’s Belloxy Divestment Business on a slump sale basis for Rs 54.9 crore to Inox Air Products.
IRCTC: Ministry of Railways has given its approval to IRCTC to operate Ahmedabad-Mumbai Central Tejas Express (6 days a week).
Manappuram Finance: Company has raised USD 300 million by allotment of fixed rate senior secured notes.