Index trend and stocks in action August 27, 2018

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Index trend and stocks in action August 27, 2018

Going forward, the zone of 11,486-11,500 is likely to act as a strong support zone as it is a gap area which was created as on August 20, 2018 and the lower end of a rising channel is placed near about the same level. While, on the way up, immediate resistance is seen around the level of 11,600, followed by 11,620.  Stock in news: Reliance Industries, Punjab Chemicals & Crop protection, Fortis Healthcare, Karda Constructions, JK Paper, DHFL, Reliance Naval and Engineering, V2 Retail and Bodal Chemicals.

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Indian stock markets' key benchmark indices breached the series of four successive swing highs on Friday’s session to close marginally down. The price action for the day formed a high wave like candle. On Monday, we are likely to see a positive opening and there is a high possibility that Nifty may consolidate at higher levels. Going forward, the zone of 11,486-11,500 is likely to act as a strong support zone as it is a gap area which was created as on August 20, 2018 and the lower end of a rising channel is placed near about the same level. While, on the way up, immediate resistance is seen around the level of 11,600, followed by 11,620.  

Reliance Industries:  Reliance Brands Limited, a subsidiary of the company, has purchased an additional 3.07 per cent equity holding in Genesis Colors Limited (GCL) for about Rs. 8.32 crore, taking its total stake in GCL to 49.46 per cent. 
  
Punjab Chemicals & Crop protection: The company has repaid its entire outstanding debt to Export Import Bank of India. The company has received letter of “settlement of dues” from Exim Bank.  
  
Fortis Healthcare: Fortis Healthcare and RHT Health Trust have agreed to extend the last date for the acquisition of entire portfolio of assets of the Singapore listed entity.  
  
Karda Constructions: The borrowing limit of the company has been increased to Rs 1000 crore from Rs 100 crore.  
  
JK Paper: Some of the contract workers of the company at the Odisha plant have resorted to stoppage of work, which has resulted in disruption of production.  
  
DHFL:  The company proposes to issue secured redeemable non-convertible debentures amounting to Rs 1000 crore plus a greenshoe option of upto Rs 1000 crore on private placement basis. 
  
Reliance Naval and Engineering:  Anil D Ambani has resigned as the director of the company with effect from August 25, 2018. 
  
V2 Retail: The company has opened its 67th V2 Retail store in Jharkhand. 
  
Bodal Chemicals:  The company has acquired land aggregating to about 27,876.36 sq mt. for future expansion and new projects.