BSE See NSE See 40,707.31
162.94 (0.4%)

Nifty trend and stocks in action on September 28, 2020

Karan DSIJ
/ Categories: DSIJ Mindshare
Rate this article:
Nifty trend and stocks in action on September 28, 2020

Friday was a fabulous day for Nifty as it gained 2.26 per cent and reclaimed its important psychological mark of 11,000. Despite posting strong gains on the final trading session of the week, Nifty ended the week with a net loss of 3.95 per cent.

On the daily timeframe, Nifty formed a bullish candle; however, if we analyse the price action of the last three days, it has formed a downside Tasuki gap candle pattern, which is supposed to be a bearish continuation pattern. Technically, the overall structure of the index has changed in over the last couple of weeks as the index has slipped below its crucial moving average i.e. 20-DMA and 50-DMA. Moreover, we observed a lower top and a lower bottom, which reiterates that the trend has shifted in favour of the bears. Now the big question is how long this pullback rally would continue?

The current pullback rally could continue towards the level of 11,153-11,204 and sustaining above this level could tell us whether the bulls have the potential to take it forward or not. On the downside, immediate support is seen around 11,015 levels. As long as Nifty is above 11,015 levels, look for buying opportunities for the targets mentioned above.

So overall, we expect this pullback rally to continue as the point of resistance is placed in the region of 11,153-11,204.


Dr Reddy’s Laboratories: Dr Reddy's Laboratories announces the launch of Dimethyl Fumarate delayed-release capsules in the US market.

Indoco Remedies: Indoco Remedies announced the launch of Fevindo (Favipiravir) 400 mg Tablets in India. Fevindo ‐ 400 (Favipiravir) is an antiviral drug, effective against the RNA‐based influenza virus. The drug has been approved by DCGI in the treatment of COVID‐19.

Escorts: Escorts has been informed by Escorts Kubota India Private Limited (EKI) - a 60:40 joint venture between Kubota Corporation (Japan) and Escorts Limited that they have started the commercial production of Kubota Tractors.

Surya Roshni: The company has obtained orders aggregating to Rs 272.86 crore (excluding GST) for the supply of coated API line pipes to GAIL (India) & Indradhanush Gas Grid Limited (IGGL) for North- East gas grid pipeline project.

Mukand: The company has executed a term loan agreement with a bank on September 26, 2020, for availing a promoter backed unsecured term loan at a competitive rate of interest, initially for an amount of Rs 650 crore and an additional loan amount of Rs 350 crore, subject to the approval of the shareholders of the company for an increase in borrowing powers of the company, thereby aggregating to Rs 1,000 crore.

Reliance Industries: Reliance Retail Ventures Limited, a subsidiary of the company, today received the subscription amount of Rs 7,500 crore from SLP Rainbow Holdings Pte Ltd (Silver Lake). Reliance Retail Ventures Limited has allotted equity shares to SLP Rainbow Holdings Pte Ltd following which, SLP Rainbow Holdings Pte Ltd holds 1.75 per cent of the fully-diluted equity share capital of Reliance Retail Ventures Limited.

Previous Article Jubilant start on cards!
Next Article Ten stocks close to their 52-week high

Please login or register to post comments.