Index trend and stocks in action November 06, 2018

The NSE benchmark Nifty traded sideways and ended the day marginally lower. The price action formed an inside bar as the price moved within the high and low range of the previous bar. Going ahead, the level of 10,607 is likely to act as an immediate resistance for the index and sustaining above this level would open up for further upside towards the level of 10,710. On the downside, the opening upside gap area of November 2 (10,442-10,458) is likely to act as a support for the index.  

Minda Industries: The board has approved investment for setting up a new manufacturing plant of controller and telematics for 2W and 4W in Pune, Maharashtra, for supplies to OEMs.  The outlay of the project is approved for Rs 76.52 crore. 
  
HCC: The board has approved a rights issue of Rs 500 crore. The meeting to decide details of the rights issue will be held by the Rights Issue Committee on November 12. 
  
Andhra Bank: The board has approved divestment of stake in ASREC, India international Bank (Malaysia) and lndiaFirst Life insurance. 
  
HCL Technologies: Deutsche Bank and HCL Technologies have  announced a strategic partnership to transform the bank’s global cheque processing operations. 
  
Wipro: Wipro has collaborated with Check Point Software to offer cloud security services . 
  
Indo Count Industries: The workers at the spinning unit of the company situated at Gokul Shirgaon, Kolhapur, Maharashtra, have resorted to a strike from the evening of November 4, 2018, demanding higher bonus. This has resulted in temporary disruption of production. 
  
Adani Gas: Adani Gas has planned investment of over Rs 8,000 crore in the next five years to consolidate its position as the largest private company in the sector. 
  
Bodal Chemicals: The company has  said that a majority of its dye intermediate operations have restarted.