Index trend and stocks in action on June 10, 2020

Nifty began the session on a flat note but soon, it moved higher and marked an intraday high of 10,291. However, a sudden bout of selling emerged post noon and it came off nearly 240 points from the high of the day. It ended the day near the low point, i.e. below 10,050 mark.

The price action formed a big bear candle with an upper shadow and it formed a lower high and lower low as compared to its prior bar. Yet again, Nifty resisted at 100-DMA, followed by back to back rejection at the moving average and closed near the lower end of the day’s range, clearly indicating that the bulls are weakening and now going forward to close below June 4 low (9,944) would mean inviting bears.

On the upside, the level of 10,180 is likely to act as a resistance level followed by 10,276 level.

Traders would keep an eye on 9,944 level as this is a key short-term support for the index and breach of this level would mean that there is a further room for correction.

Garden Reach Shipbuilders & Engineers: The company informed that the expected quantum of loss/damage caused by the Cyclone 'Amphan' to the assets of the shipyard is around Rs 10 crore, which was covered by insurance. There is no significant impact on the production/operation due to the impact of the cyclone.

Wipro: The company announced an expansion of its global strategic relationship with Amazon Web Services (AWS) in the area of DevOps. As a part of this alliance, both the companies will collaborate to help global organisations leverage the benefits of automation, effective monitoring and rapid deployment leveraging DevOps.

Cupid: The company announces that it has received a repeat order from Medical Stores Department, Government of Tanzania for the supply of male condoms worth Rs 23.61 crore (approximately).