Index trend and stocks in action April 02, 2019
Nifty after reaching near the preceding high (actually Nifty future made a new high), fell sharply in the last hour of trading with huge volumes. By making a positive opening, Nifty negated Friday’s bearish pattern and moved slowly upside with lower volumes. The price action formed a candlestick with a long upper shadow. Near the lifetime high, such pattern increases the chances of a trend reversal, but only after a confirmation in the trading session to follow. The last hour selling is indicating a lack of conviction of the bulls. On the daily charts, the negative divergences are visible in all major indicators. If the RSI falls below the 63-60 zone, the trend reversal in Nifty will be confirmed. As of now, it is not advisable to take a fresh long position in the index. In the coming session, the level of 11,570 will be closely watched as this would be a crucial support level for the index and if there is any follow-through move below this level, expect a correction in the index, while on the higher side, the levels of 11,700 and 11,760 will continue to act as a stiff resistances.
SSWL: SSWL has achieved total wheel rim sales of 10.80 lakh in March 2019 versus 13.23 lakh in March 2018 representing a de-growth of 18% YoY.
Cipla: The company's wholly-owned subsidiary in the US, i.e. Cipla Technologies LLC, has signed a binding term sheet today with Pulmatrix Inc., (Pulmatrix) for an investment in Phase-2 ready asset co-development and licensing opportunity for Pulmazole (Inhaled ltraconazole) for an upfront consideration of USD 22 million. The entry into a definitive agreement is contingent upon Pulmatrix raising additional funds from the market. Upon signing the definitive agreement, the co-development cost towards development and the total free cash flow in relation to commercialisation of Pulmazole will be further shared by both the parties in a phased manner.
Bharat Road Network: Orissa Steel Expressway Private Limited (OSEPL), one of the subsidiaries of the company, has won an arbitration award of Rs 322.77 crores in the matter of arbitration proceedings between OSEPL and National Highway Authority of India (NHAI).
Tata Power: Tata Power's Strategic Engineering Division has handed over indigenous Combat Management System to the Indian Navy.
Stride Pharma Sciences: Stride Pharma Sciences has achieved closure to convert its 50:50 joint venture to 100 per cent ownership. The company has also stated that it had achieved financial closure both in India and Singapore.
Dr Lal PathLabs: The board has approved acquisition of a proprietorship concern named 'Bawankar Pathology'.
Godrej Properties: Godrej Properties has sold over 2,900 homes with a booking value in excess of Rs 2,100 crore in Q4FY19 The Mumbai-based real estate developer has recorded its best ever quarterly sales performance.
HCL Technologies: HCL Technologies has acquired Strong-Bridge Envision.
Coal India: Coal India Limited (CIL), for the first time, had breached the 600 million tonne (MT) mark in coal production and the off-take ending FY2019 clocking growths of 7 per cent and 4.8 per cent, respectively.