Index trend and stocks in action September 18, 2018

The NSE benchmark index ended its two-session winning streak amid US threatening to levy additional tariffs on Chinese goods. The price action formed a bearish candle with no upper shadow, which resembles a bearish belt hold candle pattern. With this fall, the Nifty has filled the opening upside gap which was formed on September 14. Going ahead, the opening would be crucial and any drift on the lower side may open up the likelihood for the index testing its 50-day SMA, which is currently place around the level of the level of 11,316. However, a slip below this level would open up the possibility for the index to challenge its recent swing low of 11,250. On the way up, Nifty is likely to face immediate resistance around the levels of 11,425, followed by 11,465. 

Adani Ports: Adani Logistics Limited, the wholly-owned subsidiary of the company, has incorporated a joint venture company namely "Adani NYK Auto Logistics Solutions Private Limited" on September 17, 2018. 
  
Gujarat Gas:  PNGRB has issued a letter for grant of authorisation to Gujarat Gas (GGL) to lay, build, operate, or expand city or local natural gas distribution network ('CGD network') for the geographical area of Narmada (Rajpipla) district in Gujarat.  As per the provisions of the PNGRB, GGL has been granted 300 months of infrastructure exclusivity, i.e. valid up to September 5, 2043 and 96 months of marketing exclusivity valid up to September 5, 2026 for the CGD network. Further, the authorised area for laying, building, operating or expanding the proposed CGD network shall cover a geographical area of 2,817 sq. km. 
  
Infosys: Infosys makes additional investment of US$1.5 million in TidalScale Inc . 
  
Bank of Maharashtra: The Reserve Bank of India has intimated about its inability to accede to the request made by the bank for setting-off the accumulated losses against the balance lying in share premium account of the bank.  
  
Mcleod Russel: The company will dispose its Assam’s Bargang tea estate to Amgoorie India for Rs 59.65 crore and Harchurah estate to Goodricke group for Rs 31.64 crore. 
  
Aurionpro Solutions: Bank of Khartoum group has selected iCashpro+ cash   management platform from Aurionpro to empower  operations of the  UAE and Bahrain branches. 
    
Avenue Supermarts: The company has issued commercial papers of Rs 70 crore.