Index trend and stocks in action February 22, 2019

Nifty witnessed a flat start to the day and, thereafter, it consolidated in the initial hour of the trading session. However as the day progressed, Nifty continued its northward trajectory and, at one point of time, Nifty crossed its important psychological mark of 10,800, but it came off a bit from the high point of the day and settled within striking distance from the 10,800 mark. The price action formed a bull candle carrying higher high-low, which indicates follow-through buying after formation of a Morning-Star candlestick pattern. In the coming session, the upmove from hereon may not be smooth for the index as it is yet to encounter major resistance points that are present in the form of 50-day and 200- day moving averages, which are placed at 10,823 and 10,860, respectively. The bulls are likely to get more confident after Nifty surpasses its crucial resistance of 10,860, while on the downside, immediate support for the index is placed in the form of 100-day moving average at the level of 10,682, followed by the major support of 10,580.  

Majesco: The company has announced that Guardian Insurance based in Puerto Rico selected Majesco P&C Policy on Majesco CloudInsurer™ as the foundation of their business transformation and growth strategy. 
  
BEL: BEL has signed MOU with JSR Dynamics for manufacture and sale of glide weapons and light weight cruise missiles . Also, the company has signed teaming agreement with Hughes India for helicopter satcom solutions. 
  
KSCL: The company has clarified that the Government of Andhra Pradesh has suspended the licences of 14 seed companies including the Kaveri Seed Company on January 28 2019. The said suspension has no impact on the budgeted sales of the company 
  
BEML: Lockheed Martin has partnered with BEML Ltd to explore global and domestic opportunities’. 
  
AU Small Finance Bank: AU Small Finance Bank has entered into an agreement with ACKO General Insurance Company for general insurance as corporate agent . 
  
Dynamatic Technologies: The company has signed a Memorandum of Understanding with SAAB Technologies with an intent to explore future joint opportunities in commercial and defence related work, including Gripen fighter aircraft. 
  
Tata Steel: The board will consider and approve the issuance of unsecured non-convertible debentures on a private placement basis on February 26 .
  
Allahabad Bank: The Government of India will infuse Rs 6,896 crore in  Allahabad Bank.