Index trend and stocks in action November 11, 2019

Nifty, the 50-share index, settled the week with minuscule gains amidst volatility. The profit booking was witnessed on the final trading session of the week, which saw the index giving up its weekly gains and closing the week near its open at 11,908 levels. As a result, an indecisive candle formed on the weekly time frame and on a daily time frame bearish candle, with an upper shadow, appeared on the Friday session. The occurrence of such a candle near the overhead resistance zone of 12,000-12,050 has reinforced this area as stiff resistance for the index over the coming days. Also, the index recorded a distribution day on Friday as it has closed with over 0.2 per cent losses on volumes, which is higher than the previous trading day.
 
Technically, the Nifty managed to close below its prior session low for the first time in the entire up-move during the last one month. Moreover, it is trading near its Friday session’s low of 11,889 and in close vicinity to its upward rising trendline support that holds the key in the short-term. The rising 8EMA is placed near this level. Hence, traders would closely monitor price action around these levels and a decisive breach of this level would result in further correction towards levels of 11,800 mark. On the upside, the last week’s high of 12,034 is likely to continue to act as a resistance level.
 
Overall, the Friday session’s low is a crucial level to watch out in the coming session as a close below this level would result in further decline.

Vimta Labs: The Board has decided to acquire 100 per cent equity shares of M/s Emtac Laboratories Private Limited and make it a wholly owned subsidiary of the company, subject to necessary approvals from financial institutions, if required.

NTPC: The NTPC's Board has approved the merger of the wholly owned arms, Kanti Bijlee Utpadan Nigam and Nabinagar Power Generating company with self.

Narayana Hrudayalaya: The Board of Directors approved the closure of the company's Whitefield unit's operations.

TTK Prestige: The company has completed the expansion of its Kinathukadavu, Coimbatore, and Karjan facilities for the manufacturing of stainless steel pressure cookers/kitchenware. The commercial production has already commenced.

Laurus Labs: The company is pleased to announce that the USFDA inspection of its FDF & API Integrated facility, Unit 2 at Visakhapatnam, has been completed with two observations, which are procedural in nature.

Lupin: Lupin receives the US FDA approval for Zileuton Extended-release tablets.

CreditAccess Grameen: The company completed allotment of NCDs worth Rs. 214 crores to Nederlandse Financierings.