Index trend and stocks in action on May 15, 2020

Nifty witnessed a gap-down opening on the back of weak global setup and it gave back more than what it had gained on the announcement of ‘Atmanirbhar Bharat’ package. Finally, the benchmark index ended the day with a sharp fall of 2.57 per cent i.e. below 9,200 mark.

The index formed another island reversal on Thursday. This is the second island reversal after April 30. Further, the index closed at May month's low and this is the lowest closing after April 24. After reaching the critical support level of 9,116, Nifty is on the edge of collapse. On Thursday, Nifty resisted right at 20-DMA and in two out of the past three trading sessions, Nifty has managed to close below its 20-DMA. Now, Nifty is trading below 20 and 50-DMA. Further, the gap between 50 and 20-DMA is coming down. Sustaining below the level of 9,116 would open up for a downmove toward the levels of 9,000-8,900.

While, on the upside, the resistance has now shifted towards 9,270-9,350 levels and as long as Nifty stays below this level, sell on rise would be the right strategy to adopt.

Intellect Design Arena: Intellect Design Arena announced the launch of iTurmeric FinCloud and the strategic collaboration with its long-standing partner IBM to join its world’s first financial services (FS) public cloud.

Torrent Pharmaceuticals: Torrent Pharmaceuticals issue NCDs worth Rs 200 crore.

IRCON International: IRCON and RZD International [Russia] sign a MoU for joint development of infrastructure projects in Asia, Africa and Latin America.

Unichem Laboratories: Unichem Laboratories get EIR from USFDA on May 13 for its API facility in Roha (Maharashtra).

HDFC: HDFC seeks to raise Rs 5,000 crore via NCDs.