Index trend and stocks in action July 19, 2018

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Index trend and stocks in action July 19, 2018

Going ahead, Nifty has crucial support in the range 10,900-10,930, and if it holds above this zone, the short term structure will continue to be positive. Stocks in news: MCX, DFM Foods, JSW Steel, Cadila Healthcare, Poddar Housing and Development and Indian Overseas Bank. 

The NSE benchmark Nifty opened the session with a gap-up and, as the day progressed, Nifty gave away the entire gains and entered into the negative territory, ending the session with loss of 0.25 per cent at 10,981. The price action formed a long bear candle. Going ahead, Nifty has crucial support in the range 10,900-10,930, and if it holds above this zone, the short term structure will continue to be positive. On the flip side, the level of 11,020 is likely to act as an immediate barrier, followed by a major barrier which is placed around the level of 11,080. We expect Nifty to continue its consolidation in the range of 10,900-11,080 for some more time before it attempts to test its previous all-time high levels. 

MCX: MCX has observed that the technical glitch that led to the trading halts in the last few days occurred due to a low level TCP (transmission control protocol) packet transmission issue. Thereafter, working with the vendors, MCX has implemented a solution which will prevent this issue in the system.  

DFM Foods: A meeting of the board of directors of the company will be held on August 6, 2018, to consider the proposal of sub-division of equity shares of the company.  

JSW Steel: A meeting of the board of directors will be held on July 25, 2018, to consider raising of long term funds through issuance of redeemable non-convertible debentures by way of a public issuance or private placement.  

Cadila Healthcare: Zydus Cadila announced that it has received four consecutive final approvals from the USFDA to market olanzapine tablets USP, glipizide extended-release tablets, voriconazole for injection and fluocinonide topical solution USP.  

Poddar Housing and Development: The company has acquired a land parcel admeasuring about 5,800 sq. mt. situated in Pune and it is proposing to do a residential housing project at the location.  

Indian Overseas Bank: The bank has received a communication from Government of India regarding capital infusion of Rs. 2,157 crore towards contribution of the Central government in the preferential allotment of equity shares (special securities/bonds) of the bank during the financial year 2018-19 as government's investment.