Index trend and stocks in action on July 08, 2020

Karan Dsij
/ Categories: Trending
Index trend and stocks in action on July 08, 2020

Nifty extended its gain for the fifth straight day in a row on Tuesday but it stayed in a defined range. At the end of the day, Nifty closed the session with a net gain of 0.33 per cent at 10,799.65.

As Nifty’s opening, closing and high of the day are very similar, it formed a dragonfly Doji pattern on the daily chart. During the first half of the trading session, the index was under pressure and thus, it took support around the low of the previous trading session as well as near to the 20-hourly moving average. Going ahead, the level of 10,680 is a crucial level for Nifty on the downside as a move below this level could lead to a further decline, towards the levels of 10,630.

On the upside, immediate resistance is placed at 10,813 levels and any follow-through move above this level could result in a further movement towards 10,880 levels.

Traders need to closely monitor the level of 10,680, as in any case, if this level is breached, it would be the first sign for bearishness. Till then, wait for the right moment of shorting the market. For now, be with a positive bias as long as it trades above the 10,700 level.

 

Reliance Industries: After receipt of all requisite approvals, Jio Platforms Limited, a subsidiary of the company, on Tuesday, received a subscription amount of Rs 43,574 crore from Jaadhu Holdings, LLC (a wholly-owned subsidiary of Facebook Inc).

GMR Infrastructure: GMR Infrastructure Ltd announces the completion of a strategic partnership transactions with Groupe ADP for airport business.

NBCC: The board of directors approved a draft scheme for the merger of NBCC International Limited and NBCC Environment Engineering Limited, wholly-owned subsidiaries of NBCC (India) Limited (holding company).

Titan: The company has reopened around 83 per cent of its stores across all businesses as of June-end. It has further extended financial support to its franchisees and vendors, particularly by providing soft loans at extremely low-interest rates. In jewellery segment, the revenue in May and June months was slightly below 20 per cent and around 70 per cent as compared to the corresponding months of the previous year.

Birlasoft: The company announced its partnership with Innoveo, a leading global technology company, strengthening Birlasoft’s domain and digital capabilities to rapidly deliver world-class solutions with Innoveo’s enterprise-level no-code platform.

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