Index trend and stocks in action May 18, 2018

Indian benchmark indices opened on a positive note, but soon after opening, the indices declined and selling pressure intensified in the last hour of trade. In the end, Nifty breached the important psychological 10,700-mark. The price action of the day formed a sizeable bear candle carrying lower high-low, indicating follow-up selling by bears. Going ahead, immediate support for the Nifty is seen around the level of 10,660, which is its 21-day EMA. However, a follow-through move below this crucial level could lead to extended correction up to the levels of 10,600-10,620. On the way up, the level of 10,725 is an immediate resistance level, followed by 10,780.

Reliance Industries: Reliance Jio Infocomm announced an exclusive partnership for the Indian market with Screenz to create India’s largest digital engagement platform.

KEI Industries: Planned capex at new plant located at Dist-Alwar (Rajasthan), the proposed capacity of 9,600 kms of LT Cables will be operational by the end of May 2018.

Sun Pharmaceuticals: Announced that one of its wholly-owned subsidiaries has launched in US, the Authorized Generic (AG) version for Daiichi Sankyo Inc.’s Welchol (colesevelam hydrochloride) 625mg tablets.

Minda Corporation: Minda Corp QIP closed at Rs. 173.47 per share.

Godrej Agrovet: Company informs that Creamline Dairy Products, a subsidiary of Godrej Agrovet, as a part of its expansion plans, intends to invest Rs. 400 crore in three greenfield milk processing plants over the period of next three years.

Reliance Communications: Board meeting which was earlier scheduled for May 19 has been rescheduled to May 30.