Index trend and stocks in action January 22, 2019

The NSE benchmark Nifty opened the session on a flat note and staged a smart rally to register gain of 0.50 per cent and end at 10,962. The price action formed a bullish candle carrying higher high-low. Though the index has attempted a breakout by closing marginally above the 10,950 level, it has still not shown the level of certainty that is required for a viable and solid breakout to occur. Going ahead, it is important for the index to stay above 10,920-10,950, and on the higher side, it needs to move above Monday’s session high of 10,987 in the coming sessions and eventually head towards the level of 11,090. 

Coromandel International: With the government’s agricultural focus, the company expects the business environment to improve in 2019. 
  
Power Grid: The Ministry of Power has assigned the additional charge of the post of CMD of the company to Ravi P. Singh with effect from January 21, 2019. 
  
IDBI Bank: LIC has completed acquisition of 51 per cent controlling stake in IDBI Bank, making it the majority shareholder of the bank.