Index trend and stocks in action October 24, 2018
The NSE benchmark Nifty opened the session with a downside gap and in the close vicinity of its crucial support level of 10,138. As the day progressed, Nifty slipped well below this crucial support level, but a smart recovery was seen towards the end and Nifty crawled back above the crucial level of 10,138, but it still ended the day with a loss of almost one per cent. The price action of the day led to formation of a Doji-like candlestick pattern. Going ahead, the low of Doji candle (10,092.55) is likely to be a key level to watch out for and failure to hold above the Doji candle low would result in further sell-off in the market. In this case, we may test the level of 10,000 and 9950 in the near term. While on the upside, a move beyond 10,220 would provide a relief rally up to the level of 10,280, followed by 10,340. The 14-period RSI on the daily time frame shows bullish divergence against the price.
Bharti Airtel: Six leading global investors will invest USD 1.25 billion in Airtel Africa through primary equity issuance.
Laurus Labs: The c ompany has transferred its USFDA-approved Abbreviated New Drug Application (ANDA) of Tenofovir Disoproxil Fumarate (TDF) to CASI Pharmaceuticals, Inc.
Salzer Electronics: The company has withdrawn proposal to acquire two overseas companies – Advanced ID Asia Engineering, Thailand and United Marketing and Trading Ltd, Hong Kong.
Sun Pharma: Sun Pharma has launched moderate-to-severe psoriasis treatment ILUMYATM (tildrakizumab-asmn) 100 mg/mL in the United States.
Shalby: Shalby Hospitals, Surat (Gujarat) has been granted certificate under pre-accreditation entry level–hospitals (PEH) programme for a period of two years, valid upto September 15, 2020 by National Accreditation Board for Hospitals and Healthcare Providers, a constituent of Board of Quality Council of India .
DCM Shriram: The company has started commercial production at the additional 168 TPD chlor-alkali plant at Kota.