Index trend and stocks in action September 19, 2019

The 50-share index Nifty started off the Wednesday session with a lot of promise but it could not gather enough strength to cross even the mid-point of Tuesday’s session sizable bear candle; however, it did manage to defend Tuesday’s session low, ending at 10,840 levels, up by 0.21 per cent. The price action formed an inside bar as price traded within the high-low range of the prior bar. Nifty had broken down the triangle pattern, moving sideways in a tight range on Tuesday and on Wednesday’s it tested the breakdown point of triangle pattern but could not sustain the levels and turned down. In the coming session, all eyes would be on the all-important support level of 10,740 and any breach of this level would open more doors for steeper slide and we may find Nifty retesting its panic low of August (10,637) in the coming days. On the other hand, the bulls will have a task on their hand and for starters they have to crawl back above the 10,890 mark to regain strength. In case if it crawls back and moves above the 10,890 level with a good market breadth, then the next probable target would be around 10,980 levels, and only on a close above the same may change the set-up differently. However, the dynamics around the weekly options expiry is not helping the bulls to gather strength.

Tata Communications: Tata Communications partners Cisco to create a fully managed contact centre solution for enhanced customer experience.

Madhav Infra Projects: Company has received award for road projects and solar project. The contract value of road projects is of Rs. 161.26 crore and the solar projects is of Rs. 96.39 crore.

Reliance Capital: Responding to media queries, company clarified that no pledged shares of Reliance Nippon Life Asset Management (RNAM) have been invoked by any lender. Further, borrowings covered under the pledged RNAM shares are matched by cash amounting to approx. Rs. 1600 crore lying in escrow under tripartite agreements signed between the parties.

RITES: RITES has signed a contract for supply of two additional fully air-conditioned Diesel Multiple Unit train sets, for US$ 22.4 million (Rs. 160 crore) with the Ministry of Transport and Civil Aviation, Government of Sri Lanka, on 17th September, 2019.

Laurus Labs: Laurus Labs is set to acquire the subsidiary company of Aspen Pharmacare, South Africa.

Reliance Industries: Global operators collaborate with Industry partners to facilitate O-RAN testing and integration.