Index trend and stocks in action on January 15, 2020

Nifty witnessed a somewhat subdued start and thereafter, it traded in a capped range throughout the day. It was only at the stroke of the penultimate hour that Nifty picked up some buying momentum and moved past the previous high and registered a fresh lifetime high on a closing basis again. The price action of the day formed a small body bull candle carrying higher high and higher low and closed near the highs.

The index has rallied almost 430 points from lows of 11,929.60 and has entered into uncharted territory. Though it has been moving higher but it is doing so with a diminishing relative strength and momentum. Hence, one can continue to ride the trend, though with a bit of caution as Nifty is now approaching towards 12,400 mark, the level of 12,400 is likely to act as a stiff resistance in the coming session. On the flip side, the zone of 12,250-12,280 is likely to act as an immediate support zone.

As Nifty is trading in uncharted territory, there is no weakness visible in any trade set up or technical parameter. In these conditions, the best strategy would be running the long positions with a trailing stop-loss of prior day low. In any case, if the Nifty closes below the breakout level of 12,250 then, the short-term weakness is possible.

Pidilite Industries: The Company has incorporated a joint venture company in the name of Pidilite Grupo Puma Manufacturing Limited (PGPML) to carry on the business of manufacturing, processing and distribution of technical mortars and other materials used in construction, etc.

Lemon Tree: Lemon Tree Hotels launched a 65-room hotel in Rishikesh.

Godawari Power & Ispat: Tribunal dismissed a claim of Rs 93.47 crore made by Lauren Jyoti (EPC Contractor) against the company’s arm.

CSB Bank: RBI lifts restriction on opening of new branches.

National Peroxide:  The Company's plant located at Kalyan (Maharashtra) had taken a temporary shutdown for an approximate period of 90 days for carrying out expansion of production capacity. In this regard, the company has informed that the expansion activities are under progress and the plant is expected to be commissioned around the last week of January, 2020.

Bharti Airtel: Issuance of USD 1,000 million of 1.50 per cent. Foreign Currency Convertible Bonds (FCCB) is due in 2025 of Bharti Airtel Limited.