Index trend and stocks in action July 23, 2018
The benchmark index Nifty reclaimed the 11000-mark on the back of sustained optimism on Friday and continued with the momentum to close on a positive note, gaining 53 points at 11010. Nifty bounced back on Friday and attempted to recover more than 61.8 per cent of the losses of previous two days, but it closed in-between its 50 per cent and 61.8 per cent retracement levels. It is hard to predict Nifty’s provisional direction, unless it hits either above 11080 or below 10925. In Monday’s session, if Nifty continues to trend northwards tracking Friday’s optimism, then we hold 11030-11080 as the major resistances, followed by 11120. For that, the 14-period RSI has given a positive crossover just above its downward sloping trendline breakout. However, there is resistance at 61.8 per cent retracement and, hence, if Nifty retreats from here, we hold 10980-10925 as the major support area followed by 10880 level.
The Phoenix Mills: The company has entered into a 50:50 joint venture with Ahmedabad-based BSafal group to develop premium retail development spread across 0.6 million square feet in the city. With the agreement, the company will acquire 5.16-acre land parcel in Thaltej, Ahmedabad.
UPL: The company has signed a definitive pact with Arysta Lifescience in USD 4.2 billion cash deal which is likely to be completed by Q3FY19/Q4FY19.
Wipro: The IT giant is mulling to hire more freshers in FY19 as against the last fiscal amid rising demand in key markets and verticals. It has hit the employee utilisation level to 85.2 per cent in June 2018 quarter.
RIL/ONGC: Within next 10 days, the international arbitration tribunal is likely to come out with its verdict on the dispute regarding the production of migrated gas by RIL. RIL holds an arbitration dispute with the Indian government over a penalty for allegedly drawing gas from K-G block belonging to ONGC.
Tata Motors: The auto major is mulling to shift to “Do it Yourself” mode as its business strategy with the launch of its sports utility vehicle, Harrier. With this, the customers will be able to choose brakes, suspension types, seating configuration, power train, add-on kits and also align output.