Index trend and stocks in action July 23, 2019
The bears resumed their last week’s onslaught from where they left off as Nifty witnessed fierce sell-off in the initial hour of the trading session. The sell-off was disturbing as marquee names such as HDFC and HDFC Bank also finally succumbed to the broader market destruction. However, in the second half, some recovery was seen from the lower levels and this helped to curb the losses. Nifty closed below the 11,350 mark. The price action formed a bear candle with a lower shadow. With the Nifty index correcting over 3 per cent in the last three trading sessions and reaching near its important support zone of 11,300-11,321, which is 78.6 per cent retracement of the upmove. In the coming session, we believe holding above the Monday’s session low of 11,300 could mean a possibility of an upside bounce in the index. However, considering that the intermediate and minor trends are titled in favour of the bears, any rebound should only be treated as a short-term pullback. On the downside, if the index slips and sustains below the 11,300 mark, it would lead to an extension of the correction towards the 11,220 mark. The daily RSI has marked a fresh 14-day and has entered crucial support region of 30-35.
Alphageo: The company has announced that it has received an initial contract for carrying out gravity, magnetic and resistivity survey for manganese ore in Rengali block, Odisha with an estimated contract value of Rs 0.72 cr from the Mineral Exploration Corporation Limited.
Kinetic Engineering: Kinetic Engineering will provide complete power train solutions for 2, 3 and 4-wheeler electric vehicles including axles, gearboxes, motors and controllers. The company will manufacture a complete retrofit kit for converting an IC engine driven wheeler to an electric 3-wheeler.
TVS Motor: TVS Motor (Singapore) Pte. Limited, a wholly-owned subsidiary of TVS Motor Company Limited, India, has signed definitive agreements to invest US$7 million in Scienaptic Systems Inc., a Delaware corporation, headquartered in New York City.
BSE: BSE has signed a MoU with Shanghai Stock Exchange to facilitate the development of channels of communication and to foster a continuing relationship between the parties for the benefit of financial services industry in the People’s Republic of China and the Republic of India.
Vadilal Industries: The company has informed that Rajesh Gandhi has resigned as the Chairman of the company with effect from July 22. Vijay Shah will be appointed in his place.