Index trend and stocks in action July 12, 2019
The Nifty made a smart recovery on Thursday and snapped its four-day losing streak with a gain of around 0.73 per cent to close at 11.583. The price action formed a small body bull candle carrying a long lower shadow resembling a hammer pattern. Despite a strong pullback, the Nifty is still below the May 20 low and it was not able to cross the 23.6 per cent retracement level of the current downmove. Nifty is also trading below its important short term moving average, i.e. 5-EMA, which is placed at 11614 and 8-EMA placed at 11663. Thursday session's upmove was seen as a short-covering on the back of the weekly expiry. Going ahead, there is a need to have a follow-up buying action on Friday too and Nifty needs to get past its crucial resistance zone of 11,600-11,625. In case of failure to cross the hurdle of 11,600 on the upside, there would be extended consolidation in the range of 11,400-11,600 in the coming sessions.
Kernex Microsystems: The company has bagged an order for an amount of USD 8,175,225 from Sri Lanka Railways for procurement of supply, installation, testing, commissioning and maintenance of 200 level crossing protection systems for Sri Lanka Railways.
Cox & Kings: CARE has revised the ratings for long term facilities form CARE C to CARE D due to delay in servicing of debt obligations.
Trigyn Technologies: Trigyn Technologies Inc., the wholly-owned subsidiary of the company, has been awarded a contract by New York State Office of General Services (OGS) to provide hourly-based IT services (HBITS).
Gravita: Gravita Tanzania Limited has started commercial production of aluminium cast alloys from its plant situated in Tanzania, Africa. The company is expecting revenue of approx. Rs. 20 crore, along with gross margin of around 15% from this aluminium recycling plant during FY2019-20.
Salzer Electronics: Salzer Electronics has announced that the acquisition of the promoters' shares of Kaycee Industries Limited from the CMS group has been duly completed.