Index trend and stocks in action July 12, 2018

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Index trend and stocks in action July 12, 2018

On Thursday, a sustainable move above Wednesday’s session high of 10,976 could lead the index towards the level of 11,050, followed by 11,100. On the flip side, any dip is likely to find support near the opening upside gap area formed on July 10 (10,860-10,876). Stocks in news: India Glycols, Omaxe, Chambal Fertilisers and Chemicals, Satin Creditcare Network, Coffee Day, Sun Pharmaceutical, MM Forgings, Shree Ajit Pulp and Paper, Shree Cement and HIL. 

The NSE benchmark Nifty took a breather after a strong upmove over the last two sessions. Nifty ended the session with negligible gain of 1 point at 10,948. The price action formed a high wave candle which maintained a higher high and higher low compared to the previous session. As we approach Thursday’s trading session, we expect to see a quiet start and the Nifty may see further consolidation at higher levels. On Thursday, a sustainable move above Wednesday’s session high of 10,976 could lead the index towards the level of 11,050, followed by 11,100. On the flip side, any dip is likely to find support near the opening upside gap area formed on July 10 (10,860-10,876).   

India Glycols: The company is seeking approval to enable raising of funds for an amount not exceeding Rs. 250 crore.  

Omaxe: The  Gandhi Maidan project has been allotted to Omaxe by the North DMC (NDMC) for development of multilevel car parking space. 

Chambal Fertilisers and Chemicals: The company's board has approved voluntary winding up of its arm Inuva. 

Satin Creditcare Network: Satin Creditcare Network has approved transfer of MSME business to its arm and to acquire 11 lakh shares in the subsidiary for Rs. 3.3 crore. 

Coffee Day: The company's subsidiary Coffee Day Global Limited (CDGL) has entered in to an agreement with UBER Portier.B.V wherein CDGL is partnering with UBER for obtaining technology services through the UberEats mobile application in order to enable distribution of food products. This may help augment the retail sale. 

Sun Pharmaceutical: Sun Pharmaceutical Industries' subsidiary has filed lawsuit against Biofrontera Inc. in the US. 

MM Forgings: MM Forgings has approved issue bonus shares in the ratio of 1:1.  

Shree Ajit Pulp and Paper: Shree Ajit Pulp and Paper has received export order of Rs. 4.06 crore. 

Shree Cement: The company's subsidiary has completed acquisition of 97.61 per cent stake in UCC. 

HIL: The board of directors of the company has accorded approval to acquire 100 per cent stake in Parador Holdings GmbH, Germany, from its existing shareholders through the company's wholly-owned subsidiary HIL International GmbH, Germany.