Index trend and stocks in action July 17, 2019
The Nifty ended the session with hefty gains and extended its winning streak for the second consecutive day. As a result, Nifty logged 6-day high and ended the session above 11,650. The price action formed a bull candle carrying higher high-low. If we observe the recent price action on the daily chart, we observe formation of a bear flag-like pattern and this pattern forms after a sharp downtrend. The interesting observation is that the flag is forming exactly according to the textbook rules, by forming higher highs and higher lows with decreasing volumes within the small range. Additionally, the index has consumed more time to retrace; it has consumed about 6 trading session to retrace about 38.2 per cent of the current down leg. This means the index is not in a mood for faster retracements and only faster retracements can build confidence in the bulls. Going ahead, the index needs to move above the Tuesday session high of 11,670 to maintain the bullish momentum and it may extend its current upmove towards the levels of 11,725-11,735, which is the confluence of 50 per cent retracement of current down move and important short term moving average, i.e. 20-DMA is placed around these levels. On the downside, the level of 11,635 would act as an immediate support level for the index.
Tata Power: NTT Com-Netmagic, a leading managed hosting and multi-cloud hybrid IT solution provider in India, announced partnership with Tata Power, one of India’s largest integrated power company, to build its first 50 MW solar photovoltaic (PV) power plant in Maharashtra.
BHEL: NMDC has terminated contract with BHEL for construction of a raw material handling system at NMDC’s under construction integrated steel plant at Chhattisgarh.
KNR Construction: The company has received a work order for Rs 847.34 crore from Navayuga Engineering Company.
Sadbhav Infrastructure Project: The toll revenue received from the 10 operational SPVs (apart from NSEL which is an annuity project) have increased by approx. 2.3 per cent to Rs. 281.26 crore in Q1FY20 from Rs. 274.99 crore in Q1FY19.
TCS: The company has announced that its TCS BaNCS network solution powered by Quartz blockchain was named the Best Blockchain Breakthrough of the year at the 2019 FTF News technology innovation awards.
NTPC: The first unit of 660 MW of Nabinagar super thermal power project (3x660 MW) of Nabinagar Power Generating Company Limited (a wholly-owned subsidiary company of NTPC Limited) has been added to the total installed capacity of NTPC group.
Vikas WSP: One of the customers of the company located in UK has received approval from the Department of Environment, Food & Rural Affairs, UK, for importing organic gluten-free flour. The company has already received an export order for Rs 101.23 crore.