Index trend and stocks in action August 27, 2019
The Nifty opened with a sharp upside gap, and soon after opening, it slipped into a steep intra-day decline. The index bounced sharply from the lower levels and stayed buoyant throughout the day. The Nifty rose just over 300 points from the lows of the day to end the session with a robust gain of over 2 per cent at 11,057. The index formed a small body bull candle with a long lower shadow. On Friday, Nifty had closed in the green and was considered as the first day of an attempted rally. The Monday’s session would be counted as the second day of an attempted rally. Going ahead, as long as Nifty stays above the Friday session's low of 10,637 and closes in the green in today’s session as well, the index will shift back to another rally attempt. If this is followed by a follow-through day, then it would shift the market into a confirmed uptrend. We believe the index would continue this positive momentum and would gradually move towards the zone of 11,180-11,200 in the coming days as it is the confluence of the last three week’s high placed at 11,181 and the 200-DMA (11,200). The RSI on the daily time frame has marked a positive divergence.
Kingfa Science & Technology: The Company has started trial production at its new factory located at Chakan industrial area in Pune.
Sastasundar Ventures: Mitsubishi Corporation, Japan, has signed an agreement for investment of Rs 100 crore in Sastasundar Healthbuddy (SHBL), a subsidiary company.
Bank of Baroda: The capital raising committee of the bank has approved the issuance of Basel III compliant additional tier-I bonds for an aggregate total issue size not exceeding Rs 1650 crore, with a base issue size of Rs. 500 crore and a green shoe option to retain oversubscription up to Rs.1150 crore and issuance of tier-II capital bonds compliant with Basel III capital regulations of the Reserve Bank of India for aggregate total issue size not exceeding Rs 500 crore, with a base issue size of Rs.250 crore and a green shoe option to retain oversubscription up to Rs.250 crore.
Pidilite Industries: The company has entered into a joint venture with Chetana Expotential Technologies Private Limited (Chetana), a Bangalore-based engineering technologies company, to establish a joint venture company in India. Chetana has invented a technology in the field of post compressed aerated concrete wall panels.
Kamdhenu: The company has re-opened its production facility in Bhiwadi, Rajasthan.