Index trend and stocks in action September 26, 2019

After taking a breather in the previous trading sessions, the bears were back in town as the 50-share index Nifty ended the session with heavy losses. The 50-share index Nifty lost 1.28 per cent over the day to close at 11,440 levels. The price action formed a sizable bear candle; it closed below the prior bar low and near to its day low. Going ahead, the opening of Nifty and its behaviour around Wednesday’s session low of 11,416, which coincided with the 100-DMA, will be critical to watch. If Nifty fails to hold this support, the gap of Monday, September 23 is likely to be filled.

If there is failure to hold this gap support, there is a high possibility that it would test its 200-DMA, which is placed at 11,240. We would recommend traders to closely monitor price action of Nifty around Monday’s gap area. If the bulls manage to hold this gap support, a long position can be initiated as risk reward would be favourable at these levels. Meanwhile, on the upside, the level of 11,540 is the area where bulls may find resistance. Also, today being the current month’s future and option expiry day, brace yourself for volatility. 

SRF: The Supreme Court of India dismissed the company’s petition against the order of the Division Bench of Madhya Pradesh High Court order for penalty of Rs 28.82 crore.

Indiabulls Real Estate: The company has divested its remaining stake in existing JV companies, Yashita Buildcon Ltd. and Ashkit Properties Ltd., both owning assets at Udyog Vihar Gurgaon, and its certain subsidiaries in Indiabulls Properties P Ltd. and Indiabulls Real Estate Co. P Ltd., both owning assets at Lower Parel, Mumbai, to the entities controlled by the Blackstone Group Inc.

Astrazeneca Pharma: AstraZeneca Pharma India Limited has received import and market permission in Form 45 from the Drugs Controller General of India for FDC of Dapagliflozin 10 mg + Saxagliptin 5 mg film-coated tablets.

Glaxosmithkline Pharmaceuticals: The company has been contacted by regulatory authorities regarding the detection of genotoxic nitrosamine NOMA in ranitidine products. Based on the information received and correspondence with regulatory authorities, GSK took a decision to suspend the release, distribution and supply of all dose forms of ranitidine hydrochloride products to all markets, including India, as a precautionary action pending the outcome of ongoing tests and investigations.

Cipla: Cipla has launched Daptomycin for injection, AP-rated generic equivalent of Cubicin for injection in the United States.

NLC India: The company successfully completed the balance 351 MW of solar power projects in the state of Tamil Nadu.