Index trend and stocks in action July 16, 2018

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Index trend and stocks in action July 16, 2018

As we step into Monday’s trading session, we may witness a subdued opening and the opening upside gap area of (10,977-11,100) is likely to act as an immediate support. On the way up, the level of 11,078 is likely to pose as a critical resistance level for the Nifty. Stocks in news: Just Dial, PC Jeweller, Tata Motors, Aurobindo Pharma, Dr Reddy Laboratories, Jindal Steel & Power, Minda Industries and Cochin Shipyard. 

The NSE benchmark Nifty ended its five-day winning streak, but it managed to hold on to the 11,000-mark and posted miniscule loss of 0.04%. The price action formed a small bear candle which moved in the range of previous trading session's candle, indicating consolidation at higher levels. As we step into Monday’s trading session, we may witness a subdued opening and the opening upside gap area of (10,977-11,100) which was formed on July 12 is likely to act as an immediate support. On the way up, the level of 11,078 is likely to pose as a critical resistance level for the Nifty. 

Just Dial: The company will consider buyback of equity shares on July 20.  

PC Jeweller: The company has withdrawn its buyback offer as the bankers did not approve the proposal of Rs 424 crore of cash flowing out of the company and have not given the required NOC to the company for its buyback offer.  

Tata Motors:  Moody's Investors Service downgraded Tata Motors' corporate family rating (CFR) to Ba2 from Ba1 due to weaker consolidated matrix.  

Aurobindo Pharma: The company signed a definitive agreement to acquire Apotex' businesses in Poland, Czech Republic, the Netherlands, Spain and Belgium.  

Dr Reddy Laboratories: The company has announced its intent to appeal court decision in preliminary injunction hearing for buprenorphine and naloxone sublingual film.  

Jindal Steel & Power: The company has settled dispute with Zee Media and both the parties have withdrawn allegations against each other.  

Minda Industries:  The board has approved acquisition of 80 per cent of equity capital of iSYS RTS GmbH ('iSYS') based in Germany.  

Cochin Shipyard: Cochin Shipyard has signed shipbuilding contract with Inland Water Authority of India (IWAI) for design, construction and supply of ten Ro-Ro vessels. The total contract value is Rs 102.6 crore, excluding taxes.