Index trend and stocks in action July 31, 2018

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Index trend and stocks in action July 31, 2018

Going forward, immediate resistance is seen around 11,350-11,375 followed by 11,450. On the other hand, Nifty now trades overbought and if it retreats, we expect the level of 10,260, followed by 11,180, as the support levels. Stocks in news: NHPC, Dr Reddy’s Laboratories, Mahindra and Mahindra, HDFC Bank and Texmaco Rail and Engineering.

The NSE benchmark Nifty kicked off the week on a positive note, with the benchmark index opening with a gap-up of 18 points. However, Nifty retreated in the first hour of the session to trade below the previous trading day’s closure. However, in the mid-session, Nifty bounced back and rallied to close at fresh life-time high level. The price action formed a small body bull candle with lower shadow. Going forward, immediate resistance is seen around 11,350-11,375 followed by 11,450. On the other hand, Nifty now trades overbought and if it retreats, we expect the level of 10,260, followed by 11,180, as the support levels. 

NHPC: The NHPC  board has approved the proposal for raising corporate debentures/bonds aggregating to Rs 3,300 crore on a private placement basis.

Dr Reddy’s  Laboratories: The company has confirmed that AstraZeneca has filed a lawsuit in the Delhi High Court against the company relating to infringement of three patents on the generic version of Brilinta (Ticagrelor) and the matter is sub-judice.  

Mahindra and Mahindra: The company has  announced that it plans to increase prices of its passenger vehicles by up to Rs 30,000 or 2 per cent. This will be effective from August 2018. 

HDFC Bank:  The board has approved floor price for QIP at Rs 2,179.13 per share. The bank proposed QIP to raise up to Rs 15,500 crore. 

Texmaco Rail and Engineering: A subsidiary of the company  has signed an MoU with CAF Signalling, Spain, which is a market leader in the field of electronic signalling. CAF Signalling's product range includes electronic inter-locking and train protection and warning systems.