Index trend and stocks in action September 05, 2019

Nifty, after opening flat, traded with high volatility and went on to hit intra-day low of 10,746. However, as the day progressed, Nifty recovered almost 100 points from the day’s low and ended the session above the 10,800 mark. The price action formed a bull candle with a lower shadow. The level of 10,740 is likely to act as a support for the index and a sustainable move below this level would invite further selling and, thereby, there are high chances of retesting its panic low of 10,637 registered on August 23. On the upside, resistance is seen at the level of 10,950. To continue the bullish strength, Nifty needs to move above the 10,950 level decisively. Wait till these levels are broken for clear trading opportunities.

MCX: MCX has signed an MoU with Zhengzhou Commodity Exchange (ZCE).

Wipro: Wipro has secured a strategic seven-year engagement valued at $300 million from ICICI Bank, a leading Indian private sector bank, to provide a comprehensive suite of services.

ICICI Lombard General Insurance Company: ICICI Lombard announces bancassurance tie-up with Standard Chartered Bank. The collaboration will offer general insurance solutions of ICICI Lombard through India’s largest international bank with 100 branches across 43 cities.

Power Grid: The company has been declared as successful bidder to establish transmission system with construction of 400 kV sub-station near Guna and construction of 220 kV sub-station near Bhindon on BOOM basis.