Index trend and stocks in action September 17, 2019

The 50-share index Nifty lost 72 points on Monday session to end slightly above the 11,000 mark. Well, every time the markets gather some strength to march forward, the bears make a comeback and spoil the party. This phenomenon was seen quite often in the last couple of weeks or so. Currently, Nifty is still trading in the August month’s range. The benchmark index has not been able to breach the August month’s high or low till now. Meanwhile, Monday’s price action formed an inside bar as price traded within the high to low range of the prior bar. Recently, we have seen some bull and bear fights near the multiple resistance points and it’s creating some curiosity among the traders. However, we reiterate that only after surpassing the 11147-11200 zone, Nifty can move up to 11370. Meanwhile, on the hourly time-frame, we see a formation of ‘ascending triangle’ like pattern is underway. The upper trendline, which is a flat one, is placed in the region of 11142-11147. Hence, a sustainable rise above this level would open up gates for the initial target of 11200 mark and sustaining or a close above 11200 would take Nifty further towards 11370 levels in the short term. On the flipside, a decisive close below 10940 with volume may drag Nifty to the 10746 level and below. Do note that only a close below 10746 level will indicate dominance of the bear. So, the bottom line is – For aggressive long positions in the short term, we have to wait till the 11200 level is breached. Until then, we believe Nifty is likely to move in sideways only.

DLF: India’s leading real estate company has concluded the sale of over 9 acres land located in Sector 74 A in Gurugram to American Express (India) Pvt. Ltd. (AMEX) for building its office campus. The transaction was recorded at over Rs. 32.00 crores per acre.

Torrent Pharma: Company has issued NCDs for an amount of Rs. 300 crores.

Aavas Financiers: Aavas Financiers has received an investment of Rs. 345 crore from IFC, a member of the World Bank Group, through issuance of NCDs.

SML Isuzu: Company launched 'Executive Lx 5100 XT Bus’ in the market on 16th September, 2019.

NBCC: NBCC has signed an memorandum of understanding (MoU) with Utkal University, Bhubaneswar, Odisha for construction of various infrastructure buildings in existing campus of the university at Bhubneswar and new campus at Chandikhol, Odisha. The approximate cost of work would be Rs. 390 crore.

TCS: TCS announced new partnership with General Motors for future global vehicle engineering. This has strengthened the 16-year long relationship between the two companies.

GVK Power & Infrastructure: Company’s subsidiary terminated concession agreement with NHAI on account of material breach and defaults on the part of NHAI.

Kaveri Seed: Board meeting scheduled to be held on 24th September to consider buyback of shares.