Index trend and stocks in action July 13, 2018

The NSE benchmark Nifty made a buoyant start and extended its morning gains to touch the high of 11,078 in the afternoon session. However, profit-booking was seen at the higher levels and the market ended above the 11,000-mark, but off the day’s high. The price action led to formation of shooting star-like candlestick pattern, which consists of a small real body at the bottom of the candlestick with a long upper shadow and very tiny lower shadow. Going ahead, there is a possibility that Nifty may see minor consolidation before it moves higher. The level of 11,078 will be important to watch as the index may face resistance around this level, followed by 11,100. On the way down, the opening upside gap area (10,976-11,000) of Thursday’s session would act as an immediate support level for the Nifty. The trend of Nifty continues to be positive and even if some resistance is found at higher levels, the index will see consolidation in a given range rather than an outright correction 

HCL Tech: HCL Tech has cleared Rs 4,000 crore buyback at Rs 1,100 per share.  

Tata Communications: NCLT has approved the demerger of Tata Communications and Hemisphere Properties India Ltd.  

Hindustan Oil Exploration: The company has announced successful completion of a two well re-entry and side track drilling campaign of Mercury and Earth wells which had commenced in April 2018. The test results of these wells indicated an increase in gas production by about 10 mmscfd from the current level of 2 mmscfd.  

Vakrangee:  Vakrangee has entered into an alliance with Reliance Nippon Life Asset Management to offer distribution of mutual fund products on a pan-India basis.  

Allahabad Bank: The bank proposes to sell its non-core assets including divestments of its stake in joint ventures, associates and selling some of its immovable properties.  

SBI: The bank has clarified that it has made 100 per cent provision for the Topworth Group case.