Index trend and stocks in action July 10, 2019
The Nifty opened the session on a negative note and slipped further into negative terrain to make a low of 11,461. However, it managed to erase a bulk of it losses to end the day on a flat note. The price action formed a high wave like candle. The bulls have managed to defend the crucial support zone of 11,426-11,500 as this zone is the confluence of 100-DMA and the gap area formed on May 20, 2019. Going ahead, Tuesday’s session low (11,461) would act as an immediate support level for the Nifty and, on the upside, the level of 11,625 is likely to act as an immediate resistance. Sustaining above the 11,625 mark could open more space for pullback in the near term; however, the downside gap area of July 8 would continue to act as resistance area for the short term.
HFCL: The company has received a purchase order worth Rs.186.90 crores approx. from Bharat Sanchar Nigam Limited, New Delhi, vide its purchase order dated July 8, 2019, for setting up of the optical transmission backbone network for armed forces under the Network for Spectrum programme of the Government of India.
CONCOR: CONCOR and BHEL have signed MoU and are moving ahead for jointly setting up rail-based logistic terminal at Haridwar to leverage upon BHEL's strategic location and CONCOR's expertise in logistics.
Goa Carbon: The operations at the company's Bilaspur unit located at 34-40, Sector B, Sirgitti Industrial Area, Bilaspur (Chhattisgarh) has resumed.
Adani Port and Special Economic Zone: Meeting of the board of directors of the company will be held on July 12 to consider raising funds by way of issuance of dollar denominated foreign currency bonds which may be issued in one or more tranches overseas. The total amount will not exceed USD 700 million.
NLC India: Pursuant to the confirmation received from TANGEDCO, 63 MW capacity out of the 100 MW solar PV power plant at Therkkupatti and Subbiahpuram village, Tamil Nadu, out of 709 MW solar power projects awarded by TANGEDCO has been successfully commissioned.