Index trend and stocks in action May 23, 2018

NSE benchmark Nifty ended the range-bound session with modest gains of 20 points. The price action of the day formed a high wave-type candle. Going ahead, Tuesday’s session low of 10,491 would act as an immediate support level, and a follow-through move below this level could lead to further downside up to the level of 10,440, which is 50 per cent retracement level of the recent rise from the March low. On the upside, immediate hurdle is seen around the levels of 10,550-10,560 and a decisive move beyond this would extend this pullback rally towards the levels of 10,620-10,650.

Sun Pharmaceuticals: Sun Pharmaceuticals received USFDA approval for YONSA. 

Minda Industries: Board of Directors recommended issue of Bonus Shares to the shareholders of the company in the ratio 2:1. 

Gravita: Gravita informs that company has signed a contract with Amara Raja Batteries Limited for Lead Acid Battery Scrap Collection and Recycling arrangements. 

Majesco: Majesco gets contract from Gibraltar BSN Life for distribution management solution.