Index trend and stocks in action March 08, 2018

Nifty started off the session with a mildly negative bias; however, as the day progressed, selling pressure intensified and the index concluded the session with a loss of 95 points. The price action formed a bear candle with a lower high and lower low, which indicates follow-up selling. Nifty almost tested the 200-day SMA and we had mentioned about this possibility in our last write-up. Going ahead, the level of 10,120-10,140 will act as an immediate support zone for the Nifty. However, a decisive breach of this zone may lead to further weakness, in which case it may test the low of 10,075 reached during the panic of Gujarat election results. On the higher side, the level of 10,220, followed by 10,250, remain strong hurdles. The 14-period RSI on the daily time frame stands at 30.92, marking a fresh 14-period low. 

Cadila Healthcare: Zydus partners with Medicure to launch its NDA Product, ZYPITAMAG (pitavastatin) in the US.

SBI: RBI has imposed a penalty of Rs. 40 lacs on the bank for non-compliance with the directions issued by RBI on detection and impounding of Counterfeit Notes.

Hero Motocorp: Further consolidating its range of popular motorcycles, Hero MotoCorp has introduced the new Super Splendor across markets in the country.

Pidilite Industries: Pidilite Industries has entered into a collaboration with Jowat SE, a German family-owned enterprise and one of the leading suppliers of industrial adhesives worldwide. In addition to this, the two companies have entered into a technical collaboration for the high growth specialised category of Hot Melt adhesives.

Nitco: Nitco board approved to issue Non-convertible preference share and debentures. Issued equity to JMFARC.

Torrent Power: Torrent Power Limited emerges as the winner under the Reverse E-Auction for wind power projects, held by Maharashtra State Electricity Distribution Co. Ltd.

Marico: Marico sells entire 45% stake in Bellezimo Professionale products for Rs. 1.6 crore.

Coal India: Coal India board meeting to be on March 10, 2018 for consideration of interim dividend

Stride Shasun: Strides Shasun to launch Ranitidine 75mg OTC Tablets. The drug is used to treat peptic ulcers of stomach and intestine.

JSW Steel: The company clarifies to a news items appeared in media, that the company has not signed any MOU with Italian steelmaker Aferpi.

Sanghi Industries: Sanghi Industries approved issue of NCD amounting to Rs. 256 crore.

Gayatri Projects: Gayatri Projects QIP opens on March 7 at a floor price of Rs. 211.65 per share.

Bharti Airtel: Bharti Airtel board meeting on March 12, 2018 to decide on raising fund through NCD, Bonds or similar debt instrument.