Index trend and stocks in action July 20, 2018

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Index trend and stocks in action July 20, 2018

The zone of 10,900-10,930 remains crucial support and as long as bulls manage to defend this support, the inherent undercurrent will continue to stay bullish. Upon decisive breach of 10,900-10,930 level, the level of 10,870 would act as a support. Stocks in news: Maruti Suzuki India, Parag Milk Foods, Alembic Pharmaceuticals, Fortis Healthcare, Reliance Communications, Hatsun Agro Products, JSW Steel and Andhra Bank. 

The NSE benchmark Nifty witnessed bouts of volatility and ended the day logging a modest loss of 0.21 per cent at 10,957. The price action formed a small bear candle. The Nifty is seen extending its ongoing breather as it moved in a capped range and, as per our view, it may continue to consolidate for some more time before moving higher. However, the zone of 10,900-10,930 remains crucial support and as long as bulls manage to defend this support, the inherent undercurrent will continue to stay bullish. Upon decisive breach of 10,900-10,930 level, the level of 10,870 would act as a support. On the upside, the level of 11,020 would act as an immediate resistance, followed by 11,080.  

Maruti Suzuki India: Maruti Suzuki India introduced ECSTAR, the global brand of lubricants, coolant and car care products. Previously available at NEXA service workshops only, ECSTAR will be now offered across all Maruti Suzuki ARENA workshops in India. 

Parag Milk Foods: The company has welcomed the decision taken by the government to provide 10 per cent subsidy on export of milk and milk products, which will enhance the competitiveness and growth of the Indian dairy industry in the international market. 

Alembic Pharmaceuticals: The company has received Establishment Inspection Report (EIR) from United States Food and Drug Administration (USFDA) for the inspection carried out by the USFDA at the company's API facility at Karakhadi.  

Fortis Healthcare: The  Fortis EGM on August 13 will seek shareholders' approval for stake sale to IHH Healthcare. 

Reliance Communications: Reliance Communications will meet bondholders for the purpose of considering certain proposals relating to the restructuring of the bonds on August 10, 2018 in London.   

Hatsun Agro Products:  The company proposes to set up a dairy manufacturing plant in Maharashtra and has identified the location for construction of the plant. The installation of the dairy plant is expected to be commissioned before the end of December 2019. 

JSW Steel: National Company Law Tribunal (NCLT) has approved JSW Steel-AION's resolution plan for Monnet Ispat with some modifications. 

Andhra Bank: The bank has clarified that as on March 31, 2018, their fund-based exposure to Sterling group was to the tune of Rs.1143.85 crore, which stands classified as non-performing asset.