Index trend and stocks in action June 04, 2019
The Nifty opened the session on a positive note defying the trend seen in most of the other global peers. As the day progressed, the index remained in an upward rising trajectory and logged a fresh all-time high, closing above the 12,050 mark for the first time ever. The price action formed a sizeable bull candle carrying higher high-low and managing to close above the previous all-time high. In the coming session, we expect the bias to remain positive as long as Nifty sustains above the 11,970 mark. Thus, intra-day cool-off towards 12,030-12,000 should be used as a buying opportunity. On the higher side, the level of 12,155, followed by 12,200, would be seen as the next resistance zone for the index. The RSI on the daily chart is quoting around 66 mark and has marked a fresh 14-period high.
Lemon Tree: The Red Fox Hotel, Chandigarh, the 102-room property earlier being operated by Carnation Hotels Private Limited, a subsidiary and management arm of the company, has been taken on lease from the owners of the hotel by Fleur Hotels Private Limited, a material subsidiary of the company, and now the hotel is being operated by the company under the same brand.
Dr Reddy’s Laboratories: Dr. Reddy's Laboratories has announced the re-launch of Zenatane (lsotretinoin capsules, USP), 10 mg, 20 mg, 30 mg and 40 mg in the US market.
Wipro: The company has fixed June 21, 2019 as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback.
Zensar Technologies: Cynosure, a Zensar company, has showcased insurance solutions at the Dig|In 2019, Texas, USA.
GE Power India: The company has been awarded a contract worth Rs. 738.3 crore by Aravali Power Company Private Limited (a joint venture company of NTPC Ltd., Haryana Power Generation Company Ltd. and Indraprastha Power Generation Company Ltd.) for design, engineering, civil work, supply, erection and commissioning of wet FGD systems along with auxiliaries like limestone and gypsum handling system and wet stack on full turnkey basis.
Saregama India: Saregama Carvaan Mini Legends has now been launched in Bengali.
Mahindra & Mahindra: Mahindra Susten and Mitsui will co-invest in distributed solar power projects in India.
TCS: TCS has announced the release of TCS MasterCraft TransformPlus 4.0, a major upgrade of the product, with new cognitive features for analysis and modernisation of legacy applications. The new release will help enterprises embarking on digital transformation journeys further reduce the risk of business disruption and ensure high quality outcomes.