Index trend and stocks in action July 11, 2018

DSIJ Intelligence-3Categories: Pre Morning
Index trend and stocks in action July 11, 2018

Going forward, we expect Nifty may see the levels of 11,000 and 11,050 acting as immediate resistance areas. However, in case Nifty retreats, supports may come in at the levels of 10,890 and 10,860. Stocks in news: HFCL, KEC International, Reliance Capital, Shalimar Paints, Tata Motors, Axis Bank and Fortis Healthcare.

✨ Key Takeaways

NSE benchmark index Nifty witnessed a gap-up opening of 50 points at the dawn of June earnings reports. After opening, Nifty rose gradually till the afternoon session, took a breather for an hour and continued with the momentum till the end of the session. Thereby, Nifty surged for the third consecutive day and closed at 10947, registering a gain of 0.9 per cent. The price action formed a long bull candle. Nifty witnessed breakout of a triangle pattern at the start of the session itself and succeeded in breaching its two major barriers placed at 10,893 and 10,929 on a closing basis above its June and May highs, respectively. Going forward, we expect Nifty may see the levels of 11,000 and 11,050 acting as immediate resistance areas. However, in case Nifty retreats, supports may come in at the levels of 10,890 and 10,860. The 14-period RSI on the daily chart is 63.32, marking a fresh 14-period high, which is bullish 

HFCL: The company has received advance purchase orders worth Rs. 305 crore and Rs. 278 crore approx., aggregating to Rs. 583 crore from Bharat Broadband Network Nigam.  

KEC International: KEC International has secured multiple orders worth Rs. 1,357 crore. 

Kridhan Infra: Kridhan Infra's associate company VNC has won order worth Rs. 74.2 crore . 

Reliance Capital: Reliance Capital has issued NCDs worth Rs 20 crore 

Shalimar Paints: Shalimar Paints has approved issue of rights issue draft order up to Rs 240 crore and will re-establish its Nashik plant. 

Tata Motors: Tata Motors Group global sales in June 2018, including Jaguar Land Rover, were at 1,00,135, up by 12 per cent over June 2017. 

Axis Bank: The bank's b oard has recommended names of three candidates for the position of MD & CEO. The candidate, as approved by the RBI, will succeed Shikha Sharma, whose term as MD & CEO will expire on December 31, 2018. 

Fortis Healthcare: The meeting of the company's board of directors will be held on July 13 to consider and approve raising of funds through issue of securities on a preferential basis.