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Index trend and stocks in action June 13, 2019

Karan DSIJ
/ Categories: DSIJ Mindshare
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Index trend and stocks in action June 13, 2019

The Nifty opened the session with a down-tick as selling pressure was seen from the word go and the index registered a low of 11,866. However, recovery was seen in the last leg of trading and Nifty managed to close above the 11,900 mark with a loss of 0.50 per cent. The price action formed a bear candle carrying lower higher-low. In the coming session, immediate support is seen around the level of 11,850 and a slip below this support level could lead to further correction towards the swing low of 11,770. On the flip side, the zone of 11,980-11,200 will act as a crucial resistance zone. Going ahead, two critical levels which traders would keep a strict watch on are 11,770 on the downside and 12,000 on the upside. A directional move is likely to unfold once the index break decisively on either side of the range. Until then, it is likely that the index may continue to move within this range.

Adani Ports and Special Economic Zone: The company has suspended its vessel operations at Tuna and Mundra Port today at 8.00 pm for the next 24 hours. The company will continue to monitor development at Dahej and Hazira Port. The suspension of vessel operations is being done in view of an advisory issued by of India Meteorological Department that the cyclone can knock Gujarat with the speed of 110-120 KMPH on the morning of June 13, 2019.

Tiger Logistics: Tiger Logistics has further strengthened its position in the auto sector. It has bagged contract for handling the export logistics for the Piaggio Vehicles Private Limited.

HCL Technologies: HCL Technologies has been rated a leader in Forrester’s inaugural global loT services wave for connected business operations.

PFC: PFC, the government-owned NBFC, has successfully tapped international market and raised USD 1 billion through Reg- S bonds in one go. This was PFC's first issuance in the international market after successful acquisition of Government of India holding in REC.

Music Broadcast: The company has entered into a definitive binding agreement for the acquisition of Reliance Broadcast Network Limited.

Edelweiss Financial Services: ECL Finance Limited, a subsidiary of Edelweiss Financial Services Limited and a flagship NBFC of Edelweiss Group and Bank of Baroda, today signed an agreement to form a strategic partnership to explore co-lending/co-origination opportunities.

DHFL: DHFL has made payment of interest due on June 12 for NCDs.

Mercator: The RBI has approved the amendment to the existing terms and conditions of the $16,000,000 4.75 per cent unsecured foreign currency convertible bonds (FCCBs) issued by the company.

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