Index trend and stocks in action August 03, 2018
The NSE benchmark Nifty remained under the rule of bears as the index nosedived over 100 points and ended the day below the 11,250-mark. On the daily chart, Nifty has formed a 'bearish belt hold' candle formation. As we approach towards the last trading session of the week, we expect minor corrective moves to persist and the gap area of July 27 (11,186-11,210) is likely to act as a strong support zone for the Nifty. Such cool-off, if any, would be healthy for the index and it would offer fresh buying opportunity. On the other hand, upmoves, if any, will find overhead resistance around the levels of 11,290-11,330.
Reliance Industries: Jio and SBI are entering into a digital partnership aimed to increase SBI’s digital customer base manifold. SBI YONO is a revolutionary omni- channel platform offering digital banking, commerce and financial superstore services to customers.
HDFC: The company has increased retail prime lending rate by 20 bps w.e.f. August 1 .
Techno Electric and Engineering: The company intends to place a proposal for buyback of shares before the board for consideration on August 10.
Mphasis: Mphasis India will consider buyback of shares on August 7.
JK Paper: JK Paper has acquired 76.37 per cent stake in Sirpur Paper Mills for Rs 371 crore.
DCB Bank: DCB Bank has hiked MCLR by 10 basis points across various tenors.