Index trend and stocks in action March 25, 2019

The Nifty started Friday’s session on a positive note, but it failed to hold on to the momentum and pared about 138 points from the high of the day. Finally, it ended the day down by 0.56 per cent at 11,457. The price action formed a sizeable bearish candle. Going ahead, the corrective intent of the index is likely to continue, and during this correction phase, the zone of 11,350-11,412 is likely to act as a strong support level for the index because the previous week’s low is placed at 11,412 level and the 10-day moving average is placed in this zone. On the flip side, the levels of 11,530, followed by 11,570 are likely to act as a resistance levels.

Jet Airways: Additional seven aircrafts [include two aircrafts of Jet Lite (India) Limited] have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements.

International Paper APPM: The company has informed that there would be outage (maintenance) from March 25, 2019 to March 30, 2019 (both days inclusive) in the manufacturing facility located in Rajahmundry, East Godavari district, Andhra Pradesh. The estimated loss of production will be around 500 tonnes per day.

Karnataka Bank: The bank has reported a fraud to RBI amounting to Rs 13.26 crore in the fund-based working capital facility that was extended to SRS Finance, on account of diversion of funds.

Infosys: The company has announced that it will be entering into an agreement with The House Fund II, L.P., an AI-focused fund targeting start-ups from the University of California - Berkeley, committing to invest $10.0 million.

Bombay Dyeing: The Municipal Corporation of Greater Mumbai has granted the part-occupancy certificate for the company's residential building project in Dadar, Mumbai.

SBI: The bank has clarified on the news item captioned ‘Eithad may exit Jet Airways by selling 24 per cent stake to SBI’ as factually incorrect and no such transaction has been completed.