Index trend and stocks in action September 05, 2018

The NSE benchmark Nifty on Tuesday saw almost a replica of the previous trading session with respect to price action, where market witnessed range-bound trading for the major part of the trading session and a sharp sell-off in the last leg of trading. At the end, Nifty closed with a loss of 0.54 per cent at 11,520. The price action formed a sizeable bear candle, which maintained a lower high and lower low, signalling continuance of profit-booking. Consequently, the index has breached its 21-day EMA. Nifty is currently placed near the immediate support range of 11,480-11,500, which is the confluence area of 61.8 per cent retracement and the opening upside gap created on August 20, 2018. A move below this crucial support may take the index to level of 11,400, while any upmove is likely to be resisted in the range of 11,600-11,640.  

LT Foods: The board of LT Foods has approved proposed investment by Rabobank’s India Agri Business Fund II Ltd. (Fund) into NBFL, a wholly-owned subsidiary of the company. This facilitates investment of up to Rs140 crore in the global organic foods business in one or multiple stages, subject to concerned parties meeting predefined conditions in the joint agreement. 
  
Texmo Pipes and Products: The company has received an order for HDPE pipes worth Rs 81.30 crore from Larsen & Toubro Limited, Chennai. The execution period of the aforesaid order is nine months. 
  
Mcnally Bharat Engineering: The company has received construction order worth Rs 108 crore from  NLC India . The project will be undertaken in Odisha. 
  
Goldiam International: The company has received its highest ever confirmed export orders worth Rs.140 crore from its international clients for manufacturing diamond-studded designed gold jewellery. This order will be delivered in the next three months.