Index trend and stocks in action July 24, 2019
The Nifty opened the session on a positive note and traded with volatility. However, in the afternoon session, it seemed that after a hat-trick of losses, we would finally see a close in the green. But the bears had Herculean plans as they shoved the bulls from the cliff and Nifty closed in the red for fourth consecutive session. The price action formed a small body bear candle with almost identical high-low of the Monday’s session. Going ahead, the low of 11,300 will be the key level to watch as holding above this level would keep the pullback options open towards the identical high of the last two sessions of 11,398. Sustaining above this level would facilitate extension of the pullback rally towards the level of 11,490. However, a sustainable breach of 11,300 level would extended this correction towards the level of 11,220.
BOSCH: With a view to adjust production to meet the demand for products and to avoid unnecessary buildup of inventory, the company has proposed to suspend all manufacturing operations at the company's plant at Naganathapura (Karnataka) for two days, i.e. July 27, 2019 and July 29, 2019.
IDBI Bank: The India Ratings and Research affirmed IDBI’s long term issuer rating at ‘IND A’ and short-term issuer rating at ‘IND A1’. The rating outlook has been changed from ‘Rating watch Negative’ to ‘Negative’.
HDFC: The company has been receiving several queries regarding the circular issued by the National Housing Bank (NHB) to all registered housing finance companies on disbursement of housing loans to individuals linked to the stages of construction. The corporation is of the view that there is unlikely to be any significant impact on growth of its individual business due to the abovementioned circular.
Kolte Patil: The company has clarified to an item appearing in the media stating that the contents published in the article are erroneous. Kolte-Patil Developers Limited has not raised and/or invested any amount through/in any India Real Estate Fund set-up based out of Mauritius.
MCX: Multi Commodity Exchange Clearing Corporation Limited, a wholly-owned subsidiary of MCX, has been granted renewal of recognition to act as a clearing corporation.
Strides Pharma Science: The company’s formulations facility (KRSG Gardens) in Bangalore, which was inspected by the USFDA in May 2019, has received the Establishment Inspection Report (EIR), thereby confirming the successful closure of the inspections.