Index trend and stocks in action July 18, 2018

The NSE benchmark Nifty resumed its rally after the two-day sell-off and ended the session near the day’s high of 11,008. The price action formed a long bull candle just beside the negative candle of the last session, indicating Nifty has recouped major portion of its previous session’s loss. As mentioned in the previous review, the zone of 10,920-10,925 would be a crucial support level and it proved its worth. Going ahead, Nifty holding above this zone would indicate that the trend is up and buying on dips would be a better opportunity. On the way up, we expect the level of 11,080 posing resistance before the index approaches towards its all-time high level again. 

Kridhan Infra: Kridhan Infra JV has won Rs 222.6 crore order for highway project. 

Kansai Nerolac: The company has acquired 55 per cent equity shareholding of RAK Paints Ltd. for a total consideration of BDT 50.41 crore (Rs 41.49 crore). 

Tejas Networks: The company has implemented 100G DWDM network for MCM Telecom in Mexico. 

PNC Infratech: PNC Infratech has bagged order worth Rs 1,157 crore for highway project in Karnataka. 

Rolta India: Rolta India has signed a pact to implement revised restructuring of bonds. 

IDBI Bank: The bank will seek Government of India’s view on LIC’s proposal to acquire 51 per cent controlling stake.  

HDFC Bank: HDFC Bank will allot 3.9 crore shares to parent HDFC at Rs 2174.09 per share. 

REC: REC board will consider raising up to Rs 70,000 crore via NCDs.