Index trend and stocks in action July 05, 2018

The NSE benchmark Nifty extended its northward journey for the second day in a row and ended the day above 10,750 with a gain of 70 points. The price action formed a long bull candle carrying higher high-higher low. Going ahead, the follow-through strength and a close above 10,780-10,785 would lead to acceleration of upward momentum towards swing high of 10,837.  But, the zone of 10,830-10,860 will be a strong barrier for Nifty and it would be a Herculean task for the bulls to pierce this zone. A failure to move convincingly above this zone would push Nifty into another round of consolidation and corrective phase and, in that case, the level of 10,700 would act as a good support as it is the 100-DMA level, followed by 10,650. 

Biocon: Biocon's sterile drug product facility has received EU GMP certification.  

Unichem Laboratories: Unichem Laboratories announced that it has received final ANDA approval for its Montelukast chewable tablets, 4 mg and 5 mg from the USFDA to market a generic version of Merck Sharp & Dohme Corporation’s Singulair Tablets, 4 mg and 5 mg.  

Yes Bank:  The bank has received SEBI approval to launch mutual fund business.  

FIEM Industries: The company has signed a 'Technical Assistance Agreement' with TOYODENSO Co., Ltd., Japan and Toyota Tsusho Corporation, Japan, for manufacturing bank angle sensor for motorcycles for the Indian market.  

Som Distilleries & Breweries: The company’s proposed arm has acquired brewery unit in Odisha for Rs 46 crore.  

Future Lifestyle: The company will acquire up to 29.9 per cent stake in Koovs for Rs 140 crore.  

VA Tech Wabag:  The company's board meet is scheduled to be held on Monday, July 9, 2018, to consider and approve the fund raising proposal.  

Seamec: Seamec, in consortium with partner Kreuz Subsea Pte, has entered into contract with ONGC for charter hire of barge KREUZ GLORIOUS for two fair weather seasons.