Index trend and stocks in action February 11, 2019

Karan Dsij
/ Categories: Trending, Pre Morning
Index trend and stocks in action February 11, 2019

Friday’s session was a terrible session’s for the bulls as Nifty witnessed a massive sell-off and ended the session near the day’s low. Nifty slipped below its crucial 10,950 level and ended the day lower by 1.14 per cent. The day’s price action formed a long bear candle with a gap-down opening. In terms, of the candlestick pattern, if we analyze the price action over the last three sessions, it has resulted in formation of an Evening Star Formation-like pattern. In the Friday’s session, Nifty experienced something more than just a traditional throwback. Going ahead, any slip below the Friday’s session low of 10,925 would increase the likelihood of Nifty testing its 200-day moving average, which currently stands at 10,855 level.  On the upside, it would be crucial for the index to move past the level of 10,950 once again to avoid weakness.  

Indusind Bank: The board of directors of the bank on February 13, 2019, will consider and approve the borrowing and raising of funds in Indian or foreign currency by issuance of debt securities including but not limited to medium term notes/bonds that are eligible to be included as additional tier I (AT1) and tier II capital of the bank. 
  
Essel Propack: The company has inaugurated its greenfield unit in district Kamrup, Assam, on February 10, 2019 for production of high quality laminated tubes with a manufacturing capacity of 275 mn tubes annually. 
  
Engineers India: A Memorandum of Understanding (MOU) has been signed between Engineers India Limited (EIL) and Mongol Refinery State Owned LLC of Government of Mongolia. As per MOU, EIL shall provide project management consultancy services to Mongol Refinery for setting up of an oil refinery in Mongolia for which terms and conditions are being discussed and will be mutually settled in the form of a contract agreement. 
  
Voltas: The company has announced its intention to start construction of their new manufacturing facility spread over 65 acres in Tirupati. This facility will initially manufacture and assemble air-conditioners and related cooling products with a total initial capacity of more than 1 million units. 
  
Reliance Power: The board of directors has recommended and approved that the company take all appropriate legal steps to protect and enhance the value of all its stakeholders. 
  
Dr Reddy’s Laboratories: The audit of company’s formulations manufacturing plant - 3 at Bachupally, Hyderabad, by the US FDA has been completed today. The company has been issued a Form 483 with 11 observations. The company will address them comprehensively within the stipulated timeline. 
  
Lupin: The US FDA has issued two observations for the company's Goa unit . 
  
Cipla: The company's subsidiary InvaGen Pharmaceuticals Inc has completed the first stage of 33.3 per cent stake buy of the Avenue Therapeutics Inc. 
  
REC: The board of directors has approved the proposal for incorporation of five project specific Special Purpose Vehicles (SPVs) as wholly-owned subsidiary companies of REC Transmission Projects Company Limited for construction of projects. 
  
Prakash Industries: The company has modernized its fourth rolling mill in Chattisgarh to improve the production of wire rods. The company also stated that it is on schedule to complete its sixth sponge iron kiln by March 2019.

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