Index trend and stocks in action January 01, 2019

The NSE benchmark Nifty opened higher and halted once again at its 100-day moving average and remained sideways throughout the day to end the day with a minor gain of 0.02 per cent. The price action for the day formed a small bear candle, which indicates a breather amid marginal profit booking at higher levels. As we kick-off the new year, we expect a dull session with lower-than-usual volumes as participation may be less, but we expect stock-specific action in the markets. Going ahead, Nifty may continue to resist around its 100-day moving average, which is currently placed at 10,909 level and consolidate in a narrow range. A sustainable move above its 100-day moving average would lead to extension of its upmove towards the level of 11,090, which is 61.8 per cent retracement of the entire corrective phase since August 2018. On the downside, the immediate support level is placed at 10,813, which is 61.8 per cent retracement level of the recent down leg.  

Lupin: Lupin has received FDA approval for Clobazam oral suspension, 2.5 mg/mL. 
  
Centrum Capital: The company's subsidiary Centrum Financial Services Limited has successfully acquired the supply chain finance business of L&T Finance Limited, consisting of an asset book of about Rs 650 crore.  
  
Bank of Maharashtra: The bank has received equity capital of Rs 4,498 crore from the Central government. 
  
JMC Projects:  The leading civil engineering and EPC company has secured new orders of Rs 596 crore. 
  
KEC International: KEC International and Adani Transmission have mutually agreed to extend the long stop data to January 31, 2019 as the regulatory and other approvals are still awaited. 
  
Dynamatic Technologies:  In respect of the divestment of the auto division, the company will receive Rs 40 crore as consideration for transfer of all the fixed assets relating to the aluminum business of the auto division, which is in excess of the book value of the underlying assets, while the company has carved out and redeployed some machinery worth Rs 8 crore into its other businesses. Additionally, the purchaser has agreed to acquire the inventories of the auto division (approximately around Rs 5.5 crore to Rs 6.5 crore) on an actual basis at a price that will be determined by the parties upon physical verification.