Index trend and stocks in action November 22, 2018

The selling pressure extended for the second day in a row as the NSE benchmark Nifty ended down by 0.53 per cent at the 10,600 mark. The price action formed a bearish candle carrying lower high and lower low. Going ahead, the level of 10,550 is a crucial support level and failing to hold this support level would open up for further correction up to the level of 10,450-10,480, which is 38.2 per cent retracement level of the recent upmove seen from the low registered in the month of October 2018. On the upside, the level of 10,650, followed by 10,710 is likely to act as a stiff resistance for the index.  

Deepak Fertilisers and Petrochemicals Corporation: The company has informed that the income tax team has left the company’s office and the company's day-to-day business has resumed fully. The company had fully co-operated with the IT officials, responding to all clarifications they had sought and will continue to do so for their balance queries. 
  
Huhtamaki PPL: The company has received  closure directions from Maharashtra Pollution Control Board on November 20 for its Thane plant. The company has filed a writ petition in the Bombay High Court on November 21, challenging the closure direction. 
  
GAIL:  In a significant development, Deoghar, Sheikhpura and Jamui districts will be included within the 50 geographical areas under the 10th bidding round of city gas distribution to be launched by Prime Minister Narendra Modi. GAIL’s Jagadishpur — Haldia —- Bokaro — Dhamra pipeline project, also popular as ‘Pradhan Mantri Urja Ganga’, will serve as the feeder source for natural gas supply to the proposed city gas project at Deoghar, Sheikhpura and Jamui districts, in addition to maintaining supplies to various fertilizer and industrial units enroute. 
  
Redington:  Redington Gulf FZE, (Redington Gulf), a step-down subsidiary of the company, has informed that it had acquired additional 24.8 per cent stake in Citrus Consulting Services FZ LLC (Citrus), its subsidiary company. With this acquisition, the total holding of Redington Gulf in Citrus had increased from 60 per cent to 84.8 per cent. 
  
GMR Infrastructure: Kakinada Gateway Port Limited (KGPL), a subsidiary of Kakinada SEZ (KSEZ), has signed the concession agreement with the Andhra Pradesh government for development of a  greenfield commercial port on design, build, finance, operate and transfer (DBFOT) basis in Kona village, East Godavari district, Andhra Pradesh. 
  
Jet Airways: The company has clarified that the news item appearing in the media about Naresh Goyal and Etihad discussing merger of Jet Privilege and Jet Airways is speculative in nature. The company continues to be in active discussions with various investors to secure sustainable financing to navigate through the current headwinds and create long term growth.