Index trend and stocks in action on March 16, 2020

Nifty experienced the biggest intraday recovery after being locked in 10 per cent lower circuit during the initial trading on Friday. Emotions like fear, hope, ecstasy and greed, all were on the display in a single trading session amidst an enormous volatile session. Nifty daily range i.e. high to low was of about approximately 1,600 points, which was a fourfold increase of the past 10-day average. On the weekly basis, Nifty registered one of its biggest falls in absolute terms of 1,034 points.

The price action of the day formed a sizable bullish candle. However, despite almost 1,400 points recovery from lower levels, Nifty failed to close above the prior day high. The index breached its 200-Week MA, which is at present placed at 10,300 levels. Moreover, the 50- Week MA has turned down and is in a falling trajectory, which indicates bearish sentiment.

For the day, the level of 9,500 is a crucial support level followed by 9,000-mark. On the upside, the range of 10,150-10,350 is a major hurdle for the index. Many market participants are in a rush to predict a bottom but do remember that we cannot conclude a single day rally due to the formation of bottom. As classic bear market rally is fast and furious. And a typical bear market does look for support but with a resistance to sell.

Inox Leisure: The company announced the commencement of commercial operations of Multiplex Cinema Theatre located at Amar Shaheed Path, Lucknow.

Maruti Suzuki India: Maruti Suzuki’s pre-owned car network ‘True Value’ announced the facility of ‘vehicle buying’ for car owners. It aims to facilitate True Value’s motto of being a trusted one-stop destination for buying and selling quality pre-owned cars.

RITES: RITES secured consulting orders of Rs 60 crore from Government of Kerala.

PVR: PVR opened four new screens at PVR Treasure Island Mall in Indore.

Bandhan Bank: The board of directors granted approval for an equity investment of Rs 300 crore for acquiring up to 30 crore equity shares.

Infosys: Infosys completes the acquisition of Simplus, a leading salesforce consulting and platinum partner.

Ind-Swift Laboratories: USFDA completes the inspection of companies API manufacturing facility at Punjab. USFDA has cleared this inspection without any 483 observations.

Wonderla Holidays: Wonderla Holidays announces temporary closure of amusement park at Bangalore.

IDFC Bank: The board of directors approved for an equity investment of up to Rs 250 crore in Yes Bank.

Indiabulls Housing Finance: In relation to some rumours and misinformation on social media regarding term loans of Yes Bank to Indiabulls Housing Finance, the company has clarified that the outstanding term loans from Yes Bank to Indiabulls Housing Finance are zero. The outstanding term loans from Yes Bank to the promoter of Indiabulls Housing Finance or any of his promoter companies/family members companies are zero.