Index trend and stocks in action May 23, 2019
In a volatile trading session, the Nifty swung both ways before closing with modest gains. The price action was capped within high-low of previous trading session; hence it led to formation of an inside bar. After a bearish candle, the indecisive candle indicates that traders are a bit cautious ahead of the D-day. On the event day and weekly expiry, volatility will be a thing to watch out for. On the upside, Nifty needs to decisively take out the level of 11,850 and, on the downside, support is seen around the Monday’s session low of 11,592. Going ahead, if bulls manage to defend the support level of 11,592 and the opening gap of May 20, it would be an interesting day’s ahead for the bulls. Traders are advised to adopt a cautious approach and adhere to strict money management rules.
L&T: The company has today issued and allotted 20,000 8.02% rated listed unsecured redeemable non-convertible debentures of Rs 10 lakh each aggregating to Rs 2000 crore maturing on May 22, 2022.
Biocon: Health Canada has approved Biocon and Mylan's Ogivri, the first Trastuzumab biosimilar, for the treatment of HER2-positive breast and gastric cancers.
ITI: ITI Limited has inked MoU with Department of Telecommunications for the year 2019-20. The MoU envisages to achieve turnover and profit for the company for the year 2019-20 by giving greater thrust towards manufacturing of telecommunication equipments and other emerging technology products in the broadband, internet of things, etc. The MoU also focuses to drive the Make in India and Digital India initiatives of the Government of India.
Bodal Chemicals: Bodal Chemicals Ltd is planning to acquire 80% stake m Turkey-based LLP namely Sener Boya Kimya Tekstil Sanayi Ve Ticaret Ltd. STI.
Wipro: Wipro has built a blockchain-based solution for Travacoin to enable digital currency-based payments for the airline industry .
OBC: The board will consider and approve the raising of capital from the market through QIP or such other mode as decided by the board on June 1.
HDFC Bank: The bank has approved sub-division of equity shares from one equity share of face value of Rs 2 each to 2 equity shares of face value of Rs 1 each.