Index trend and stocks in action September 06, 2019

After a positive start, Nifty slipped from the day’s high and, in the last leg of trading, Nifty remained a dead duck making no directional move till the end. Finally, Nifty inched up 0.03 per cent to close at the 10,848 level. On the weekly expiry day, the price action formed a small body negative candle carrying shadows on both sides. Moreover, the Nifty is trading below all the short term moving averages and it mostly traded within the last week’s range. No indicator is showing a positive signal now. As the market is moving in a zone since last month, the Bollinger Bands are narrowing further, indicating a big move. The price is still below the 20-DMA and the probable move is towards the downside. The leading indicator is unable to make any significant higher high and the 40-38 zone is going to be critical for the market. Every rise in the market is attracting a fresh sell-off. As long as the 20-EMA (10,987) is not breached, better maintain a bearish bias. Any close below the Wednesday’s session low (10,746) will lead to a sharp downside. Above 10,987, the target is intact at 11,150-11,200 levels. 

Tech Mahindra: Tech Mahindra has announced multi-year agreement to accelerate AT&T’s technology transformation.

TCS: The company has announced that it has expanded its strategic partnership with Posten Norge AS, a Nordic postal and logistics group, to build a digital stack that will enable product innovation and a superior customer experience.

Reliance Industries: Jio has announced the commencement of JioFiber, its fiber-to-home service across 1,600 cities in India.

Indiabulls Housing Finance: The company has said that it has come to their notice through media reports that a PIL has been filed against Indiabulls Housing Finance and its promoters in Delhi High Court. The petition has not yet been filed in the High Court as per the website records of Delhi High Court, but has been leaked in the social media with malicious intent and vested interests to create turbulence in the stock price of the company and fulfil ulterior motives.

Havells: Havells has launched India’s first complete square pedestal fan.

Prabhat Dairy: The members of the promoter and promoter group of the company have expressed their intention to acquire fully paid up equity shares of the company that are presently held by the public shareholders of the company and and consequently voluntarily delist the equity shares of the company from the stock exchanges where they are listed.

Datamatics Global Services: Bangalore International Airport Limited (BIAL) has selected Datamatics as its digital transformation partner.

Bajaj Finance: The meeting of the board of directors of the company will be held on September 17 to consider a proposal for raising of funds by way of QIP.