Index trend and stocks in action June 20, 2019
The Nifty witnessed yet another volatile trading session and ended the session almost unchanged. Nifty opened the session with a gap-up and, in no time, it touched its important psychological mark of 11,800. Thereafter, the bulls failed to make the most of the strong early gains and kept losing ground steadily. In the afternoon session, Nifty wiped out all of its gains and slipped below the 50-DMA. But the index managed to recoup some of its losses from the day’s low in the last leg of trading and ended the session on a flat note. The day's movement created a small body bear candle carrying sizeable wick on the either side. Nifty is now approaching towards its crucial support zone of 11,590-11,605, which is an important level as the upper band of the gap area, i.e. 11,592-11,426, and the 50 per cent retracement level of the upswing from May 14 to June 3 falls in this region. If we look at the earlier retracements from the resistance, Nifty has a tendency to retrace about 50-62 per cent of its upmove and has retraced twice about 50-62 per cent of its upswing. If this history repeats, after completing its 50-62 per cent retracement, it may gear up for a fresh leg of upmove. On the higher side, the level of 11,730, followed by 11,800, is likely to act as a resistance zone. To move on the upside, the bulls need to move above the 20-DMA and sustain for at least two to three days to gain confidence.
Essel Propack: The company will issue commercial papers (CP) of Rs 30 crore on a private placement basis.
Apollo Hospital: The board of directors of the company approved the sale of the entire 9.96 per cent equity stake held by the company in Apollo Munich Health Insurance Company Limited, an unlisted public limited company, for a total consideration of around Rs 300 crore to HDFC Limited, subject to indemnity related adjustments and the execution of definitive agreements.
Newgen Software Technologies: Newgen has made· its OmniFlow iBPS platform more intelligent with process insights.
IndusInd Bank: The record date will be July 4, 2019 for determining the shareholders of Bharat Financial Inclusion, who will be entitled to receive shares of the bank as consideration pursuant to the scheme.
HDFC: The company has announced it will acquire upto 51.2 per cent stake in Apollo Hospital Group’s insurance arm, Apollo Munich Health Insurance for Rs 1,346.84 crore and will merge the company with its subsidiary HDFC Ergo.
Adani Green Energy: Adani Renewable Energy Park (Gujarat), a wholly-owned subsidiary of Adani Green Energy, has won bids for setting up 600 MWac ISTS-connected wind-solar hybrid power projects in a tender issued by Solar Energy Corporation of India. The projects are expected to be commissioned by Q4FY2021.
PNB: The board of the bank has granted permission for raising capital through issuance of Basel III compliant Tier-II bonds amounting up to Rs 1500 crore in one or more tranches.
TCS: TCS has retained its position as America's most community-minded information technology company.