Index trend and stocks in action September 24, 2018
The NSE benchmark witnessed violent swings and ended the day with a loss of 0.81 per cent below the 11,150 mark. The price action formed a significant bearish candle with long lower wick, which indicates that the index managed to recoup losses from the lower levels. The fierce swings observed in the last trading session of the week saw Nifty not only skidding below the important pattern support level of 11,160-11,170, but also further slipping below its 50 per cent retracement level. Going into trade on Monday, major support for the index is placed around the levels of 11,017-11,025, which is the confluence of 100-day SMA and 61.8 per cent retracement level. On the way up, the levels of 11,200-11,210 are likely to act as immediate resistance levels and sustaining above these levels may result in some short-covering, which may trigger further upside up to the levels of 11,300-11,330.
DHFL: Dewan Housing Finance Corporation Limited (DHFL) is holding analyst meet on Sep. 24, 2018 at 10:00 a.m. with regard to recent developments in the market.
Biocon: Biocon's drug substance facility in Bangalore completes US FDA inspection with no observations .
ICICI Bank: The bank proposed to acquire 8.85 per cent stake in Avenues Payment India.
ABB: The company will enhance power quality for India’s longest freight train network.
Tata Steel: Tata Steel has announced that it has executed definitive agreements for acquisition of the steel business of Usha Martin Limited (‘UML’) through a slump sale on a going concern basis.
ITD Cementation: The company has won orders valued at Rs 845 crore.
IL&FS Investment Managers: Ramesh Bawa, Managing Director, has tendered his resignation to the company.
Sequent Scientific: The company has entered into a business transfer agreement with Solara Active Pharma Sciences Ltd to acquire the EU-GMP API facility at Mahad in Maharashtra. The total consideration for the unit would be Rs 46.4 crore on an Enterprise Valuation basis.
Galaxy Surfactants: The company has received communication from the Maharashtra Pollution Control Board to reopen Taloja facility.