Index trend and stocks in action July 24, 2018

The NSE benchmark Nifty traded within a capped range after a positive opening and witnessed sudden recoil in the afternoon session to close in the green.  After making several attempts to cross the hurdle of 11,078, Nifty finally managed to close above the swing high of 11,078. The price action formed a sizeable bullish candle, which maintained a higher high and higher low, indicating continuance of the positive trend. Since the Nifty has witnessed a breakout of the consolidation range, we expect it to maintain its bullish momentum, and on the upside, the level of 11,120, followed by 11,172, are likely to act as resistance levels. On the way down, the level of 11,060, followed by 11,000, would act as immediate support levels. 

Syngene International: Syngene International has expanded its collaboration with Baxter. The duration of the agreement has also been extended until 2024. 

IZMO: The  company has won a big multi-crore order from a leading OEM in Mexico for its car visualiser product.  The company expects many more such order wins in the current financial year. 

Essel Propack: The company has informed that the first phase of the production of laminated tubes has successfully commenced from July 23, 2018, at the company's newly set-up unit in district Kamrup, Assam. 

Indian Energy Exchange: Indian Energy Exchange will consider sub-division of the face value of equity shares of the company on August 9, 2018. 

Allahabad Bank: The bank has received an amount of Rs 1790 crore towards contribution of the Central government in the preferential allotment of equity shares of the bank. 

PNB: The bank has received an amount of capital infusion of Rs 2816 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. 

UPL: F itch has revised UPL's outlook to negative affirms at -BBB .