Index trend and stocks in action May 28, 2019
The Nifty extended its upmove for the second consecutive trading session and recorded fresh record closing high. The price action formed a bullish candle carrying higher high-low, indicating extension of the upmove. The opening upside gap created on May 20 is still intact, and also, the leading indicator RSI has formed a fresh 14-day high and is trading in bullish territory, which is positive for the bulls. The trend continues to be positive as long as the bulls continue to hold the opening upside gap of May 20 and we expect it to touch all-time high of 12,041. However, it may encounter resistance at the all-time high of 12,041, while, on the downside, the zone of 11,750-11,800 is likely to act as a support for the index.
Vascon Engineers: Vascon Engineers Ltd has received letter of intent amounting to Rs. 172 crore plus applicable taxes from Tycoons Avanti Projects LLP.
Reliance Capital: Reliance Capital and Reliance Land (a part of Reliance Capital Group) have agreed to divest their entire equity stake in Reliance Broadcast Network Limited to Music Broadcast Limited.
V-Mart Retail: The company has opened a new store in Assam. This takes the total number of stores to 224 in 177 cities across 17 states. The total tally of Assam is 8 stores.
Thangamayil Jewellery: The company will open its new branch at Sattur, Tamil Nadu, on May 29 2019.
NMDC: The prices of iron ore w.e .f. May 25, 2019, has been fixed as follows: (i) lump ore {65.5%, 6-40 mm) at Rs 3,100 per tonne (ii) fines (64%-10 mm) at Rs 2,860 per tonne.
Adani Ports: The company will announce a dividend and share buyback by June 4.