Index trend and stocks in action November 21, 2018

After having closed above its 200-DSMA in the previous session, the NSE benchmark Nifty failed to capitalize on it amid sell-off seen across the global markets. Nifty ended the day with a loss of one per cent below the 10,700 mark. The price action for the day formed a sizeable bearish candle carrying lower high and lower low. Nifty stalled its upmove near the lower end of the bearish gap witnessed on October 4 and the 200-DSMA. Going ahead, support is seen around the level of 10,600 and a decisive breach of this support zone would trigger fresh bout of selling, which may take the index towards the levels of 10,530-10,550. On the upside, Nifty needs to get past the 200-DSMA convincingly to continue its upmove.  

Minda Corporation: The company has entered into definitive agreements with its joint venture partner, Furukawa Group of Japan, for change in equity structure of Minda Furukawa Electric Private Limited (“JVCO”). As per the proposed realignment, the equity stake of the joint venture partner in the JVCO will change from 49 per cent to 75 per cent and stake of Minda Corporation Ltd. will change from existing 51 per cent to 25 per cent. 
  
Suzlon Energy: Suzlon Energy has  completed sale of two arms to Canadian Solar. The total consideration received for both companies stood at Rs 54.53 crore. 
  
NBCC: NBCC has submitted expression of interest for resolution plan of Jaypee Infratech and the company has been provisionally shortlisted by resolution professional of Jaypee Infratech as prospective resolution applicant.