Index trend and stocks in action on June 12, 2020

Nifty ended sharply lower on Thursday that is, near the lows of the day. Also, it recorded its biggest single-day fall after May 18.

The price action formed a sizeable bear candle and also, breached the last six days’ range of 9,944-10,328. Further, Nifty has closed below 23.6 per cent retracement from May 18 low to June 8 high.

Nifty has witnessed a distribution day as it ended with sharp losses on the back of higher volume as compared to its prior session. Interestingly, April 30 high of 9,889 and Thursday’s low of 9,885 is almost identical. Hence, this level would be an important level to watch out in coming trading sessions. A move below this level would open gates for further correction towards the levels of 9,700.

On the upside, Thursday high of 10,112 would act as an important resistance level. Traders are advised not to venture into aggressive long position as long as the index stays below this level.

Biocon: Biocon and Mylan announce USFDA approval of Semglee (Insulin Glargine injection).

SBI Life Insurance: State Bank of India proposes to sell up to 2.1 crore equity shares in aggregate, representing 2.1 per cent equity shares of the company via offer for sale during June 12-15. The floor price for the sale shall be Rs 725 per share.

Wipro: Wipro announced a partnership with CloudKnox Security. The joint solution offering of Wipro and CloudKnox enables the enterprises to proactively protect and manage their hybrid and multi-cloud infrastructure by continuously detecting and remediating over-permissioned identities.

Lupin: Lupin has received an approval for its Albendazole tablets USP, 200 mg, from United States Food and Drug Administration (USFDA), to market a generic equivalent of Albenza tablets, 200 mg, of Impax Laboratories Inc.