Index trend and stocks in action on April 24, 2020
The advance in Nifty continued for the second straight day in a row on Thursday and ended above 9,300 mark. The volatility index-INDIA VIX, dropped around eight per cent to 39.23.
The price action for the day formed a small bull candle with a tiny shadow. Going ahead, the level of 9,390 is a multiple resistance zone and in the upside range for the last nine trading sessions. Above this level, the rising wedge pattern resistance is placed at 9,560 levels while, on the downside, the support is placed at 9,020-9,000 levels.
Even though the market is moving up, the MACD histogram suggests that the momentum is lagging. Meanwhile, the directional movement indicator is suggesting that an explosive move is on the cards. The ADX,-DI and +DI, all are almost contracting.
Overall, the index is heading towards the important resistance level of 9,390-9,400 and if Nifty fails to cross this level, the bears will come back with full strength.
Indian Hotels: Indian Hotels approved an allotment of NCDs worth Rs 150 crore via private placement basis to Axis Bank.
Kingfa Science & Technology: As per the permissions received from local authorities of Puducherry, the company has started manufacturing operations in gradual and phased manner at its Puducherry Plant.
M&M: M&M board approved the issuance of NCDs worth Rs 10,000 crore.
L&T: L&T allotted NCDs worth Rs 3,800 crore.