Nifty trend for Thursday and stocks in news: Wipro, ICICI Bank, BEL, Infosys and Cipla

Nifty continued with its rapid mood swings of one day up, the other day down. It opened the session above the 11,900 mark but soon after that, the bulls choked and as a result, Nifty saw a sharp decline. It turned further scarier when some European countries witnessed a surge in the COVID-19 cases and reports emerged that they are planning for a second lockdown.

At close, Nifty settled at 11,729, down by 1.34 per cent. Only nine stocks out of Nifty50 were able to eke out gains. Both FIIs and DIIs were net sellers on Wednesday. Moreover, volatility reared its ugly head.

The price action of the day formed a bearish engulfing and a bearish belt hold kind of candlestick pattern. The formation of this candle pattern indicates that the bears were in control throughout the day. Nifty recorded its lowest closing since October 15 and closed below the 20-DMA for the first time after September 30.

Nifty is making lower highs over the last couple of trading sessions and now it is just about 70 points away from the lower end range of the big bearish bar of October 15. Further, on the lower timeframe i.e. 60-mins, it is trading near the lower end of the channel. Hence, the opening on Thursday as well as thereof the price action would be crucial to watch out for as a breach of the zone of 11,610-11,660 would  open gates for further correction towards the level of 11,500 would open up as per the ascending triangle pattern target.

Expect volatility to keep traders on their toes on Thursday on the eve of the expiry of the F&O for the October series. Hence, it’s time for traders, who like to play safe to sit on the sidelines; whereas, traders, who have a stomach for risk and are willing to take risks can play their cards.

Wipro: Wipro to acquire Encore Theme Technologies Private Limited, a specialist Finastra software partner in financial services.

ICICI Bank: Moody’s has withdrawn all ratings of ICICI Bank’s Bahrain Branch. There are no outstanding rated debt instruments issued from Bahrain branch. Further, Bahrain branch is not an issuer branch under the bank’s global MTN programme.

BEL: The company paid Rs 174.44 crore final dividend to the Government of India.

Infosys: Infosys completes the acquisition of award-winning digital customer experience, commerce & analytics company, Blue Acorn iCi.

Cipla: Cipla announced the commercialisation of antibody detection kits for COVID-19 in India in partnership with KARWA under the technology transfer from Indian Council of Medical Research (ICMR).