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Index trend and stocks in action June 19, 2019

Karan DSIJ
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Index trend and stocks in action June 19, 2019

In a volatile session, the Nifty ended the session with a modest gain of 0.17 per cent at 11,691. The price action of the day formed a small body bull candle which resembles a high wave like candle. In Tuesday’s session, despite high volatility, the index managed to defend its 50-DMA. As long as the index manages to defend its 50-DMA, a technical pullback cannot be ruled out. In case it fails to hold and stays below the 50-DMA (11,681), the selling pressure is likely to accelerate, and in that case, the Nifty is likely to approach towards the upper band of the gap area, i.e. 11,592-11,426, which also coincides with the 50 per cent retracement level of the upswing from May 14 to June 3. On the other side, the zone of 11,730-11,770 will be a strong supply zone.

NLC India: Pursuant to confirmation received from TANGEDCO, the 100 MW solar PV power plant at Kamuthi & K. Nedunkulam village, Ramanathapuram district, Tamilnadu, has been successfully commissioned and the commercial operation has started from May 29, 2019.

NMDC: The total production of iron ore (provisional) in the month of May 2019 stood at 3.04 MT as against 2.12 MT in May 2018, while the sales stood at 3.37 MT in May 2019 as against 2.31 in May 2018.

Canara Bank: The board of directors of the bank has permitted to initiate the process of stake sale in part/full in Can Fin Homes Ltd. as per the disinvestment policy of the bank.

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