Index trend and stocks in action June 15, 2018
DSIJ Intelligence-3Categories: Pre Morning
Going ahead, Thursday’s session low of 10,774 would be a crucial support level. However, a move below this level would open gates for further correction which may take the index up to the zone of 10,710-10,700, while on the upside, the level of 10,850 would act as an immediate resistance level, followed by 10,890. Stocks in news: Dr Reddy’s Laboratories, TNPL, Inox Leisure, Ruchi Soya Industries, Jyoth Laboratories, ICICI Bank, EKC and Wirpo.
The NSE benchmark Nifty opened the session on a weak note and later slipped into a further decline. However, it witnessed a decent recovery from the lower levels of the day and Nifty managed to hold above the crucial mark of 10,800. The price action formed a small body bear candle with long lower shadow indicating buying interest at lower levels. Going ahead, Thursday’s session low of 10,774 would be a crucial support level. However, a move below this level would open gates for further correction which may take the index up to the zone of 10,710-10,700, while on the upside, the level of 10,850 would act as an immediate resistance level, followed by 10,890.
Dr Reddy’s Laboratories: The company has announced that it has received USFDA's final approval and has launched buprenorphine and naloxone sublingual film in the US market.
TNPL: The board has accorded approval for implementation of its mill expansion plan at Unit-II in a phased manner - pulp mill capacity of 400 TPD and 1,65,000 MT of printing and writing paper with a total capital outlay of Rs 2520 crore.
Inox Leisure: A meeting of board of directors of the company will be held on June 18 to approve the scheme of amalgamation of Swanston Multiplex Cinemas (a wholly-owned subsidiary of the company) with Inox Leisure.
Ruchi Soya Industries: The National Company Law Tribunal, Mumbai bench, has extended the CIRP time period by 90 more days with effect from June 12, 2018.
Jyothi Laboratories: June 30, 2018 is fixed as the record date for the purpose of determining the eligibility of members entitled for bonus shares.
ICICI Bank: The bank is mulling exercising oversubscription option to sell additional 1.43 crore shares in ICICI Prudential Life.
EKC: The company has clarified on the news item that there is no communication from any lender with respect to forensic audit.
Wipro: Nokia has selected Wipro to accelerate its supply chain digital transformation .