Index trend and stocks in action on June 23, 2020

Nifty rose for the third consecutive session on Monday and it crossed its June 8 swing high of 10,328. However, in the last leg of the trade, Nifty slipped 80 points from the day’s high but still managed to close above 10,300 mark.

The price action formed a candle that resembled a doji pattern as Nifty closed near its opening of the day and it is an NR7 bar. In the last three trading sessions, Nifty has rallied almost 5 per cent and the formation of doji after a strong upmove indicates profit taking as well as bulls taking a breather.

On the lower timeframe, Nifty formed a double top with a negative divergence in the RSI. If at all, Nifty sustains below Monday's high 10,394, it would become a swing high and the negative divergence in RSI also will emerge. On the downside, Monday’s session low of 10,278 would act as an immediate support level and breach of this level would result into sideways to corrective phase. However, in case of 100-DMA, it would be crucial to watch out.

Overall, the trend is bullish at this movement but as per the signs emerged on charts; Nifty could enter into a sideways to corrective phase.

8K Miles Software Services Limited: The company announced the launch of full-fledged operations of Healthcare Triangle Inc. as a subsidiary of 8K Miles Software Services Inc. USA by combining 8K Miles Software Services Inc, USA’s cloud transformation, security business for healthcare and life sciences domains with Cornerstone Advisors, the health IT advisory and implementation of professional services company.

Mindteck: The company has won a two-year contract with one of the largest public sector manufacturing companies in Middle East.

Maruti Suzuki India: Maruti Suzuki’s mini SUV S-PRESSO now also in S-CNG BS6.

TCS: TCS wins 2020 Pega Partner Award for Excellence in growth and delivery.