Index trend and stocks in action April 11, 2019

After a shaky start, the bulls made an attempt to cross the 11,700 hurdle; however, they were seen running out of steam as they halted their upmove near about the prior bar high. The Nifty pared almost 100 points from the high point of the day and settled below the 11,600 mark, down by 0.75 per cent. The Nifty has formed a double inside bar, which is a price action pattern where two inside bars form successively. Going ahead, traders will closely monitor two key levels, namely, 11,540 and 11,710, as we have seen the index has been trading in this range since last four-five trading session. Any breakout on either side of this range would lead to an explosive move. The daily 14-period RSI has marked a fresh 14-period low and slipped marginally below the key level of 60, and as per the theory, moving or sustaining below the level is not a good news for the bull camp as it means weakening of the bullish momentum.

JSW Steel: The finance committee of the board of directors of the company has approved the issuance of fixed rate senior unsecured notes aggregating to US $ 500 million and has approved the pricing, tenure and other terms of the notes.

Wockhardt: Wockhardt has received approval from the United States Food & Drug Administration (US FDA) for an ANDA for 50 mg injection of decitabine, which is used to treat certain forms of cancer.

Info Edge: The company has invested through its wholly-owned subsidiary about Rs 140 million in Agstack Technologies Private Ltd.

Kansai Nerolac Paints: The company has completed the formalities for the acquisition of the equity stake today and has acquired the 100% equity shareholding of Perma Construction Aids Pvt. Ltd.

Sobha: Sobha Developers (Pune) Limited, wholly owned subsidiary of the company, has acquired 100% equity shares of Sobha Interiors Private Limited.

Tanla Solutions: Tanla has closed acquisition of Karix Mobile Private Limited. The consideration for the acquisition was approximately Rs 340 crore.

Wipro: The board will consider a proposal for buyback of equity shares of the company at its meeting scheduled to be held on April 16, 2019.

TCS: The company has partnered with Google Cloud to build industry-specific cloud solutions that will help organisations accelerate their digital transformation and leverage data-driven insights that power superior customer experiences.