Index trend and stocks in action February 13, 2019
Nifty extended its downward move for the third consecutive session as selling pressure in the last leg of trading dragged Nifty below the 10,850 mark. Nifty traded in a narrow range in the first half of the trading session and managed to hold on to its crucial 200-day moving average. However, as soon as this crucial moving average was breached, the bears attacked with full force and Nifty ended the session near the day’s low. The price action formed a bear candle indicating extended profit-booking. Nifty slipped below its crucial 200-day moving average and 50 per cent retracement level of the upmove from 10,584-11,118. Going ahead, immediate support is seen around the level of 10,816, which is the 50-day moving average and holding above this level would be extremely important. Any breach of this support level will invite some short-term weakness taking Nifty towards the levels of 10,787-10,750.
L&T Technology Services: A client of L&T Technology Services, in the telecom and hi-tech reporting segment, has decided to assume ownership of engineering for its core product. Other engagements with this client continue and LTTS is in discussions to partner with the client in multiple adjacent areas as it looks to invest and expand its business. As communicated during the earnings call post Q3FY19 results, on account of this development, LTTS' annualized revenue will be impacted by around 4 per cent starting March 2019, with no material change to the EBITDA margin. Notwithstanding the above, LTTS has reaffirmed its FY19 revenue guidance and its expectation of mid-teens revenue growth in FY20 in USD terms.
Zenith Birla: The company has entered into one time settlement with Invent Assets Securitisation & Reconstruction Pvt. Ltd (loan assigned by State Bank of India) against the credit facilities availed by the company.
Alembic Pharmaceuticals: The company's wholly-owned step-down subsidiary Orit Laboratories LLC has received US Food & Drug Administration (USFDA) approval for Fenofibrate tablets USP, 54 mg and 160 mg.