Index trend and stocks in action April 12, 2019
The Nifty traded in a narrow range and oscillated in a 55-point range on Thursday. It once again tested the critical support level of 11,550 and bounced into positive territory at the close. On Thursday, the index breached the 13-EMA on intra-day basis, but closed below the 8-EMA. It formed Doji, another indecisive candle. For the last one week, Nifty is trading in the zone of 11,550-11,710. The MACD histogram has increased to 20.13, which indicates that the downward momentum is increasing. Overall, the market condition is looking exhaustive, but on Friday, the market may witness a stable opening as many indicators have reached oversold position and some of them are indicating that a bounce is possible on the 60-minute chart. As long as Nifty (spot) does not close below 11,550, there are chances of a sharper bounce. At the same time, 11,710 will work as resistance for the next few days.
Lumax Auto Technologies: The company has signed a joint venture agreement with Jopp Holding meH, Germany for the manufacture and sale of the automotive components such as shift tower (manual and automated)/shift forks and all-gear sensor assembly.
Pasupati Acrylon: The company has successfully commenced commercial production of the second line of cast polypropylene film (CPP) w.e.f March 26, 2019. The total capacity of CPP now stands at 10,000 MT per annum.
Jet Airways: Additional 10 aircrafts have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements.
Prabhat Diary: The sale of the company’s shareholding in its wholly-owned step-down subsidiary, Sunfresh Agro Industries Private Limited (SAIPL) to Tirumala Milk Products Private Limited and the sale and transfer of company’s dairy products business by way of slump sale on a going concern basis to SAIPL post completion of transfer of SAIPL shares is successfully completed and closed on April 10, 2019.
Narayana Hrdayalaya: The company has incorporated a wholly-owned subsidiary company (limited liability company) 'Narayana Health North America LLC' in the state of Delaware, United States of America on April 9, 2019 (certificate of formation of the LLC received by the company on April 11, 2019).
Sterlite Technologies: A meeting of the board of directors of the company will be held on April 23, 2019 to consider approval of raising of funds by issue of equity shares or any other securities convertible into equity shares or a combination of such securities.
Lumax Industries: The company has started the commercial production at Manesar (Gurugram), Haryana.