Index trend and stocks in action July 26, 2019
The Nifty witnessed buying interest in the initial part of the trading session, however, as the day progressed it erased its early gains and turned volatile in the afternoon session. In the end, it settled with a modest loss and recorded its sixth straight day of loss. The July F&O series was the worst since October 2018 as Nifty plunged about 5 per cent. The price action formed a small body bear candle with a long upper shadow. Despite Nifty witnessing a negative close, the Wednesday session low of 11,229 was protected on the volatile day. The RSI is near the oversold condition and the stochastic approached the oversold territory. The most important point is that the magnitude of the fall from July 5 to July 9 is about 520 points. After a counter consolidation pattern (flag), the fall from July 17 is now about 490 points. The general rule is that it should meet the flag pole length as the target, which means we are just a few points away. The above factors are indicating that the fall is limited from now and a technical pullback is now overdue, considering the present short-term technical evidence. On the upside, immediate resistance is placed around the 11,360 level.
Mahindra and Mahindra: The company has received an intimation from Mahindra Agri Solutions Limited (MASL), a subsidiary of the company, that Merakisan Private Limited (MKPL), which was an associate company of MASL, has become a subsidiary of MASL and in tum has become a subsidiary of the company pursuant to MASL getting voting rights on the optionally convertible preference shares held by MASL in MKPL.
PNB: The board of directors of the bank has granted approval for raising equity capital amounting up to Rs 5000 crore in one or more tranches through QIP/FPO/right issue.
Tata Motors: Fitch Ratings has downgraded Tata Motors with Negative Outlook.
Speciality Restaurants: A joint venture agreement has been entered into on July 24, 2019 between Speciality Hospitality UK Limited, a wholly-owned subsidiary of Speciality Restaurants Limited and Homage Ventures LLP. The parties have agreed to set up, own and operate restaurant in London, United Kingdom under Caterland Hospitality Ltd.
Tata Steel: The company has subscribed to 2,58,43,967 rights equity shares of Tata Sponge Iron Limited at an issue price of Rs 500 per rights equity share aggregating to Rs 1,292.20 crore.
Avenue Supermarts: The company has issued commercial paper of Rs 30 crore
Infosys: Infosys has won the HPE System Integrator Partner of the Year 2019 for hybrid cloud solutions.
TRF: The proposal to sell/divest 100 per cent stake held by the company's wholly-owned subsidiary TRF Singapore Pte. Ltd in Hewitt Robins International Holdings Limited, a step down wholly-owned subsidiary of the company, along with its 100 per cent subsidiary Hewitt Robins International Limited.