Index trend and stocks in action June 26, 2019
The Nifty witnessed marginal negative opening and registered a low of 11,651. However, the bulls made a strong comeback and, during the day, the index rallied past the 11,800 mark to register a high of 11,814. In the end, the index settled at 11,796, up by 0.83 per cent. The price action formed a significant bull candle. If we analyse the price action of the past seven trading sessions, Nifty seems to be trapped in a narrow range with the 20-DMA acting as the resistance and the 50-DMA acting as the support area. Going forward, if Nifty has to continue this upmove, it needs to get past its 20-DMA, which is placed at the level of 11,856. In that case, Nifty is likely to rally towards its 61.8 per cent retracement of the recent fall, which stands at the 11,924 level. On the downside, 11,690 is likely to act as an immediate support for the Nifty.
Persistent: The company's wholly-owned subsidiary in Germany, viz., Persistent Systems Germany GmbH, has entered into a share purchase agreement dated June 25, 2019 to acquire 100 per cent share capital of Youperience GmbH, a Salesforce Certified Gold Partner in Germany.
NTPC: NTPC has won 40 MW solar capacities in UPNEDA’s 500 MW tender.
Jubilant Life Sciences: The company has issued commercial papers of Rs 40 crore.
DCW: The meeting of the board of directors will be held on June 28 to consider the issue of equity shares/warrants on preferential basis to the promoters, promoter group, business associates and investors for an aggregate amount up to Rs 80 crore.
Godrej Properties: The company has fixed the floor price for the QIP issue at Rs 928.