Index trend and stocks in action August 24, 2018

The NSE benchmark opened the session on a positive note and profit-booking was seen at higher levels. During the day, the index remained in a slender range with choppy moves and eventually, the lacklustre day ended on a flat note. The price action formed a negative candle with sizeable lower shadow, indicating intra-day recovery as Nifty found support near about its previous day’s low. On the last trading session of the week, the levels of 11,621 and 11,645 are likely to act as immediate resistances for the Nifty, while supports are seen around levels of 11,530 followed by 11,480. In the last couple of sessions, we have seen a mild sign of fatigue, nonetheless Nifty refuses to witness any major correction as it has moved in a narrow range maintaining its sequence of higher high and higher low. Going ahead, holding above the level of 11,530 is crucial. 

Britannia Industries: The company's board of directors has approved subdivision of equity shares of the company from the existing face value of Rs 2 per equity share to face value of Rs 1 per equity share. 
  
Aban Offshore: The annual general meeting is scheduled to be held on September 24 . 
  
SREI Infrastructure Finance:  Quippo Oil & Gas Infrastructure Limited (QOGIL)  proposes to sell 2,600 equity shares, constituting 26 per cent shareholding in  Quippo Drilling International Private Limited (QDIPL)  to overseas entity. Consequent to the above transaction, QDIPL will cease to be the wholly-owned subsidiary of QOGIL but will continue to be a subsidiary of QOGIL. Consequently, QDIPL will also cease to be a wholly-owned step-down subsidiary of the company but it will continue to be a step-down subsidiary of the company. 
  
TVS Motor: TVS Motor has strengthened its commuter motorcycle portfolio with the launch of TVS Radeon.