Index trend and stocks in action August 26, 2019
The Nifty opened the session with a gap down and extended its fall to register the day’s low of 10,637. However, as the day progressed, the bulls made a strong comeback and Nifty recovered almost 200 points from the day’s low to close above the important psychological mark of 10,800. The price action formed a sizeable bull candle, and if we analyze the last two trading sessions’ candlestick pattern, there is a formation of piercing line like candlestick pattern, which is a bullish trend reversal pattern. Going ahead, the last week’s panic low of 10,637 would be a crucial support level and, on the upside, immediate resistance is seen around the big round number i.e. 11,000 level. Closing above the 11,000 mark would gradually lead index towards the zone of 11,180-11,200 in the coming weeks as it is the confluence of the last three week’s high placed at 11,181 and the 200-DMA (11,197).
Ipca Laboratories: The US FDA conducted inspection of the company's formulations manufacturing unit situated at Piparia (Silvassa) from August 19, 2019 to August 23, 2019. At the conclusion of the inspection, the US FDA issued Form 483 with three observations.
Adani Ports: The buyback offer will open on September 6 and close on September 20.
Bandhan Bank: Bandhan Bank has launched credit cards in partnership with Standard Chartered Bank.
Alkem Laboratories: The US FDA had conducted inspections at the company's manufacturing facilities located at St. Louis, Fenton Park, USA, from August 16 2019 to August 22, 2019 and Baddi, India, from August 19, 2019 to August 23, 2019. At the end of the inspection, the company has received Form 483 with four observations for the facility located at St. Louis, Fenton Park, USA and no Form 483 is received for the facility located at Baddi, India.
NCL Industries: NCL Industries Ltd has signed an agreement to establish a joint venture company with Qingdao Xinguangzheng Steel Structure Company Ltd., China, for manufacture of pre-engineered steel structures in India. The board has approved the proposal to incorporate a joint venture company pursuant to the agreement.
Cupid: The company has announced that it has received an order to the tune of Rs 4.95 crore from UNFPA to supply male condoms to Angola.