Index trend and stocks in action August 09, 2018

The NSE benchmark ended the Wednesday’s session on a buoyant note as Nifty settled at a new record high of 11,450, up by 0.53 per cent. The price action formed a significant bull candle with long lower shadow. Going ahead, there is a likelihood that we may see momentum continuing in the index, but we cannot ignore the overbought nature of the index. In the coming session, the levels of 11,500 and 11,525 may play out as immediate resistances. On the flip side, any attempt to retreat is likely to find support around 11,350, followed by 11,290.  

Pidilite Industries:  The company   proposes to invest an amount of US$ 500,000 as equity capital contribution in Pidilite Ventures LLC. 
  
Corporation Bank: The board of the bank at its meeting scheduled on August 11, 2018 will consider approval for issuance of equity shares on a preferential basis to the Government of India to the tune of Rs 2555 crore.  
  
Mastek:  The credit rating agency ICRA Limited has reaffirmed the ratings assigned for the line of credit. Further, the outlook on the long term rating has been revised to Positive from Stable. 
  
HCL Technologies:  HCL Technologies has been named North America Leader in Application Services by Ovum.