Index trend and stocks in action September 04, 2019

The Nifty witnessed a bloodbath on Tuesday as Nifty logged loss of over 2 per cent and ended the session below its important psychological mark of 10,800. The price action for the day formed a sizeable bear candle carrying lower high-lower low and closed below the prior bar low. With Tuesday’s sharp fall, Nifty has slipped below the 8-EMA and 21-DMA and closed below the 61.8 per cent retracement of the recent upmove from the panic low of August 23. Going ahead, the opening of Nifty and its behaviour around the immediate support level, which is placed at 10,760, will be critical to watch in Wednesday’s session. In case Nifty sustains below the level 10,760, it would invite further selling and Nifty may test its panic low of 10,637 registered on August 23. On the other hand, it is advisable to wait till the Nifty moves above the 10,830 mark to create any short term long positions in the index. Be cautious and avoid taking aggressive long positions.

MCX: The company has clarified with regard to the whistleblower complaint against the company. The company believes that baseless news is being circulated by vested interests to mislead the participants/public, especially about the two very successful and active contracts on the delivery front at the exchange/clearing corporation.

Majesco: The company has announced that Kookmin Best Insurance company US Branch (KBICUS), the US operation of KB Financial Group based in South Korea, is live with Majesco P&C core suite on CloudInsurer, Majesco Digital1 1st insurance electronic billing and payments and Majesco enterprise data warehouse.

Varun Beverages: The QIP committee of company is scheduled to be held on September 6 to consider and approve the issue price.

Indiamart Intermesh: India’s largest online business-to-business marketplace Indiamart has announced its investment in Vyapar, a mobile-based business accounting software for small businesses. Indiamart led the Series A investment round in Simply Vyapar Apps Pvt Ltd, owner of Vyapar, of Rs 36 crore along with the participation of existing investors India Quotient and Axilor.

Praj Industries: Praj Industries has announced yet another milestone in the commercialisation of its 'Enfinity' technology. Enfinity', Praj's proprietary and award-winning technology, will be deployed to produce ethanol and other co-products using sugarcane bagasse in what would be USA's first bagasse-based bio-refinery.

Gujarat Alkalies & Chemicals: A meeting of board of directors of the company is scheduled on September 27 to consider and approve the proposal for split/sub-division of equity shares of the face value of Rs 10 each of the company.