Index trend and stocks in action September 12, 2019
After four days of positive close, on the fifth day, Nifty traded in a 60-point range and formed an indecisive small body, small wick candle. Nifty has reached the point of multiple resistance zone. As we mentioned earlier, Nifty is facing multiple resistances at 11140-11200, and it is time to be cautious on the positive side. On an hourly time frame, Nifty reached overbought levels and is turning down. Some of the indicators have already reached the overbought condition and there is hidden negative divergence on an hourly chart. Nifty is forming an inverted head and shoulders pattern and, at present, the right shoulder is in formation. Before the neckline of this inverted head and shoulders pattern, there is a sloping trendline resistance. On Wednesday, Nifty faced resistance exactly at this line. The Wednesday’s high of 11055 is critical for the bulls to continue the rally. If it is unable to surpass this level, then there are chances of entering into a corrective to sideways phase where 10,980 is likely to act as a support level. Any close below 10,980 will lead to a fall up to the level of 10,800.
Datamatics Global Services: Datamatics has won NASSCOM Customer Service Excellence Award 2019 in the Robotics Process Automation (RPA) implementation category.
Walchandnagar Industries: Walchandnagar Industries Limited (WIL), Pune, and Indian Space Research Organization’s Vikram Sarabhai Space Centre (VSSC) have entered into a contract, whereby WIL will manufacture and supply “head, middle and nozzle end segments” (total 30 nos.) for the GSLV MKIII launch vehicle. The contract value is Rs 77.20 crore plus escalation.
Kridhan Infra: The company has announced that its associate company Vijay Nirman Company Private Limited has secured an order worth Rs 112 crore.
Alkem Laboratories: The US FDA has issued an Establishment Inspection Report (EIR) for the company's manufacturing facility located at St. Louis, Fenton Logistics Park, USA which was inspected from August 16, 2019 to August 22, 2019 and where the company received a Form 483 issued by the US FDA containing four observations.
SBI Life Insurance: SBI proposes to sell up to 3.50 crore equity shares in aggregate, representing 3.50 per cent of the total issued and paid-up equity share capital of SBI Life Insurance on September 12 (for non-retail investors only) and on September 13 (for retail investors and for non-retail investors who choose to carry forward their unallotted bids) with an option to additionally sell up to one crore equity shares (representing 1 per cent of the total issued and paid-up equity share capital of the company). The floor price for the equity share sale has been fixed at Rs 770 per share.