Index trend and stocks in action on May 22, 2020
Nifty witnessed a stable start for the day and remained in a rising upward trajectory in the first half of the trading session. However, in the second half of the session, the expiry of weekly options kept the markets volatile and Nifty came off from its high and closed just above 9,100 mark, with a gain of 40 points.
Since the index came off at day’s high and ended near the bottom end of the trading range, it resulted into a formation of a shooting star. Nifty formed a shooting star at 50-DMA. Earlier, two island reversals happened at 50-DMA. It also failed to close above Monday's high of 9,158 or even 9,116, where several supports were placed in the recent past.
After Monday's big fall, Nifty is consolidating within range but it has not been able to cross 50 per cent retracement level of the recent downfall.
RSI on the daily timeframe is around 48 but an interesting observation has been witnessed on the hourly timeframe. The 14-period RSI has turned down from the region of 60-62 and since May 4 on the hourly time, Nifty has not been able to close above 60-62 region.
Friday’s trading session gives us weekly close and that’s why, it is quite significant but still, do you think that after recording its third consecutive close on Thursday, will Nifty be able to make it four day in a row? As a matter of fact, since February 12, we have seen a maximum of four positive closes on the trot.
Reliance Industries: KKR to invest Rs 11,367 crore in Jio Platforms. Jio platforms have announced investments of Rs 78,562 crore by leading global technologies in a span of just one month.
ONGC: ONGC and NTPC signed MOU to set up a joint venture for renewable energy business.
Info Edge: The company announced that IE venture Fund I has entered into an agreement to invest about Rs 3.70 crore in Intellihealth Solutions Private Limited (Truemeds).
Music Broadcast: Radio City, India’s leading radio network has partnered with Spotify, the world’s most popular audio streaming platform, to provide the former’s content, including more than 1,400 episodes of 16 audio IPs, exclusively to Spotify users.
Interglobe Aviation: Government of India has permitted a phased resumption of domestic flight operations with effect from May 25, 2020. The company will also be resuming domestic flight operations in a phased manner.
Bandhan Bank: The bank has intimated Exchanges that the cyclone Amphan might have affected a business of around 65,000 of micro-banking borrowers, amounting to an exposure of approximately Rs 260 crore. Besides, a major impact was witnessed in the district of South 24 Parganas.
NIIT Technologies: The company has informed Exchange regarding the buyback of up to 1,956,290 fully-paid equity shares of a face value of Rs 10/- each at a price of Rs 1,725. Buyback opening date is May 29 while, its closing date is June 11.