Index trend and stocks in action September 09, 2019

On Friday, Nifty began the session on a positive note and oscillated in a range for the initial part of the session. However, momentum started to pick up in the second half of the trading session and the bulls were seen in full command and Nifty ended the day near the high point of the day. The price action formed a bullish candle carrying higher high-low. As of previous close, Nifty has halted at its short term 21-DMA, which stands at 10,958, Going ahead, the opening of Nifty and its behaviour around the immediate resistance level, which is placed at 10,958 in the form of 21-DMA, will be critical to watch in Monday’s session as lately every rise in the market is attracting fresh sell-off. The first task for the bulls would be to cross the immediate hurdle of 10,958 and sustain above this hurdle. If Nifty sustains above the 21-DMA, the target is intact at 11,150, followed by 11,181. The leading indicator RSI, after marking a positive divergence in the latter part of month of August, has formed a higher low. Going ahead, the level of 49-50 will be closely monitored as moving above this zone on the RSI would provide fresh impetus to the bulls.

Equitas Holding: Equitas Holding (EHL) has proposed a new scheme of arrangement to listing of shares of Equitas Small Finance Bank (ESFB). The boards of EHL and ESFB had approved a scheme of arrangement wherein ESFB would capitalise its free reserves and issue shares of ESFB to the shareholders of EHL without cash consideration in proportion to their holding in EHL. This scheme of arrangement was subject to approval from SEBI, RBI, NCLT, shareholders and creditors.

Canara Bank: The bank has invited bids to sell about 30 per cent in its housing finance subsidiary Can Fin Homes.

Avenue Supermarts: The company has issued commercial paper of Rs 150 crore.

Wipro: The company has announced that it has been positioned as a leader in IDC MarketScape: Worldwide Artificial Intelligence Services 2019 Vendor Assessment.

NBCC: NBCC has received a letter of award of work from Indian Institute of Management (IIM), Sambalpur, to provide project management consultancy for the development campus (phase-1 works). The estimated project cost is Rs. 421 crore (approx.) including PMC fees. The total business secured in the month of August 2019 is Rs 400 crore.

Vivimed Labs: Vivimed Labs Limited has entered into definitive agreements for transfer and sale of its wholly-owned subsidiary, viz. Vivimed Labs Europe Ltd, to Vivimed Specialty Chemicals UK Limited (buyer), which forms part of the speciality chemical business of Vivimed Labs Ltd.