Index trend and stocks in action September 19, 2018
The NSE benchmark Nifty settled lower for the second consecutive day, closing below its important psychological 11,300 mark. The price action formed a sizeable bear candle carrying lower high and lower low for the day, signalling continuation of profit-booking. In the process, the index has slipped below its crucial moving average, i.e. 50-day SMA. Going ahead, immediate support for the index is placed around the level of 11,250, which is the recent swing low. However, selling pressure is likely to intensify once the swing low of 11,250 is breached decisively. In this case, the index may go on to test the level of 11,158, which is 50 per cent retracement level of the prior upward rally from the low of 10,558 to the high of 11,760. On other hand, in case cues from global markets remain positive, then Nifty may witness a pullback rally up to the levels of 11,330, followed by 11,370.
ICICI Bank: The bank has clarified that it has submitted a response to the show cause notice issued by SEBI. The bank has clarified that it has not filed any application for settlement.
Lupin: Lupin appoints Alok Sonig as CEO - US Generics and Global Head - Generics R&D & Biosimilars.
Rites: Rites has been executing a project of Indian Railways for setting up of wagon workshop at Dalmianagar for which the initial contract cost was Rs 89 crore. The enhanced scope and revision in estimates has resulted in additional contract value of Rs 436 crore.
Som Distilleries and Breweries: The company’s subsidiary Woodpecker Distilleries & Breweries Private Ltd. has launched Blackfort beer in lager variant to tap the mild beer segment in Karnataka.
Sun Pharmaceuticals: The company has announced that it has received the European Commission’s approval for anti-body Ilumetri by Almirall.
NIIT Technologies: NIIT Technologies has introduced Chain-M, a blockchain powered solution for airlines and its partners.
Linde India: Linde AG and Praxair Inc have received a final order from Competition Commission of India for the proposed business combination.
ICICI Prudential Life Insurance: ICICI Prudential Life and Saraswat Co-operative Bank have signed bancassurance partnership .
TCS: Tata Insights and Quants (Tata iQ), a division of Tata Industries, has selected Jile as its enterprise Agile platform.
KIOCL: KIOCL board has approved buyback of about 1.26 crore shares (1.98 per cent of paid up capital) at Rs 170 apiece for an aggregate consideration of Rs 214 crore. The record date for the buyback is October 1.