Index trend and stocks in action April 13, 2018
DSIJ Intelligence-3Categories: Markets, News, Trending
Going ahead, immediate resistance is seen in the zone of 10,480-10,500. On the downside, support is seen around 10,410, followed by 10,350. Stocks in the news: NBCC, Infosys, Dabur, HCL Technologies, Texmaco Rail and Engineering and Mahindra and Mahindra.
Nifty, after opening the session on a flat note, consolidated in the first half of the session, but in the mid-afternoon session, buying emerged in some of the heavyweight counters which led the index to move past its 50-day SMA and 100-day SMA levels. The price action formed a bull candle. Going ahead, immediate resistance is seen in the zone of 10,480-10,500. On the downside, support is seen around 10,410, followed by 10,350. The 14-period RSI on the daily time frame has a reading of 58 and it has marked 14-period high, which is bullish. However, it would be interesting to see whether the RSI sustains above the 60 level, and if it does, it could mean a strengthening of the upside momentum in the Nifty.
NBCC: NBCC has secured the total Business of Rs 769.96 Cr. (approx.) in the month of March, 2018.
Infosys: IT major Infosys will be declaring its results today.
Dabur: Dissolution of the subsidiary is likely to be completed by March 2019 (instead of March 2018) due to certain legal and regulatory compliance under the laws of Tunisia.
HCL Technologies: HCL Technologies and Sumeru Equity Partners (SEP), a technology and growth-focused private equity firm, have signed a definitive agreement to acquire Actian Corporation. The all-cash deal is valued at US$330 million.
Texmaco Rail and Engineering: The Company has incorporated a Subsidiary company namely "Texrail SA (Pty) Limited" ('TSPL').
Mahindra and Mahindra: Boeing Partners with HAL and Mahindra for F/A-18 Super Hornet 'Make in India'.