Index trend and stocks in action on June 05, 2020

Index trend and stocks in action on June 05, 2020

Karan Dsij
/ Categories: Trending

The dream run for the benchmark indices finally came to an end. Nifty snapped its six day winning streak on Thursday and ended the day with modest losses. However, it managed to keep its head above 10,000 mark. The price action of the day formed a diminutive body candle with an upper and lower shadow. Technically, this pattern resembles a high-wave type candlestick.

There was an occurrence of a high-wave candle, following a shooting star on Wednesday, which hints that after an uptrend, there is a standoff between the bulls and bears or it also means that the market has lost its sense of direction. Further, on Thursday, there is a formation of lower high and lower low and the close was below the shooting star low.

Going ahead, the high of the shooting star candle is likely to act as a big hurdle for the bulls on the upside. On the downside, the level of 9,944 is likely to act as an immediate support and breach of this support could result into a further downside towards the levels of 9,824-9,800 mark. There is not much change in indicator set-up.

 

Reliance Industries: The company announced that Mubadala Investment Company (Abu Dhabi-based sovereign investor) will invest Rs 9,093.60 crore in Jio Platforms at an equity value of Rs 4.91 lakh crore and an enterprise value of Rs 5.16 lakh crore. Mubadala’s investment will translate into 1.85 per cent equity stake in Jio Platforms on a fully-diluted basis.

Power Grid: Department of Telecommunication vide its revised assessment order dated May 22, 2020 in respect of national long distance (NLD) license for the financial years 2006-07 to 2009-10 has asked Powergrid Corporation to pay Rs 13,613.66 crore on the account of license fee for the financial years 2006-07 to 2009-10 with interest, penalty and interest on penalty.

Wipro: Wipro has been named as ‘ADM Digital Transformation Partner of the Year 2020’ by Micro Focus Application Delivery Management Group.

HCL Technologies: HCL Technologies and Google Cloud announced the expansion of their strategic partnership to bring HCL's software offerings, starting with HCL Commerce to Google Cloud.

RITES: RITES Limited’s subsidiary Railway Energy Management Company Limited (REMCL) has secured its largest mandate from Indian Railways for handling tendering, installation supervision and managing power supply from 3 GW solar power plants to be set-up on the vacant Indian Railway Land.

Lupin: Lupin and Mylan NV announced that European Commission (EC) has granted marketing authorisation for Nepexto, a biosimilar to Enbrel (Etanercept).

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