Index trend and stocks in action October 26, 2018

The NSE benchmark Nifty opened the session with a downside gap and continued to drift lower in the early part of the session. On the way down, the index formed a new swing low at the 10,079 level, and in the last leg of trading, a gradual upside recovery was seen, yet the Nifty ended the day with loss of 0.98 per cent. The price action resulted in a Doji candlestick pattern formation. Going ahead, the level of 10,079 is likely to act as an immediate support level for the Nifty and the selling pressure is likely to intensify once the index breaks this support zone, and in that case, Nifty may test the level of 9952, which is the low registered in the month of March. On the upside, the level of 10,240 is likely to act as a resistance for the Nifty. The 14-period RSI on the daily time frame shows a bullish divergence against the price.  

IDFC Bank: The amalgamation of Capital First Limited with IDFC Bank Limited is now at an advanced stage and has received approvals from the Competition Commission of India, stock exchanges, RBI and the shareholders and creditors of all the parties involved. The approvals from the National Company Law Tribunals are awaited. 
  
Jubilant Industries: Jubilant Industries has said that it will offer up to 18 lakh equity shares and up to 13 lakh convertible warrants to the promoters/members of promoter group on a preferential basis. 
    
Kridhan Infra: Kridhan Infra's associate company Vijay Nirman Company Private Limited has won order worth Rs 167 crore. 
  
Tata Teleservices: Tata Teleservices board has said that it was considering an extension of redeemable preference shares on November 15.