Index trend and stocks in action May 20, 2019

Nifty staged a smart rally on the final trading session of the week and ended the session above the 11,400 mark with gain of over 1 per cent. The price action formed a sizeable bull candle. Going ahead, the immediate resistance is placed around the level of 11,467, which is the 50-DMA for the Nifty, followed by the 11,550 level. On the downside, the level of 11,300 is likely to act as a support level for the Nifty, followed by the 100-DMA, which is placed around 11,142. With the exit polls of general elections out on Sunday, the traders/investors may react to the exit polls on Monday and volatility is likely to remain elevated. Traders are advised to adopt a cautious approach and adhere to strict money management rules.

Cipla: The United States Food and Drug Administration (USFDA) conducted a post-approval inspection at the company’s Indore facility from May 13-17, 2019. The inspection ended with zero observations.

Saregama: Saregama has launched Carvaan Mini Legends for Kannada music enthusiasts.

Welspun Enterprises: The company has received provisional completion certificate for commencing commercial operation of the Dewas industrial water supply project with effect from April 30. The project has been completed ahead of the scheduled completion date.

Godrej Industries: The board of directors of Spencer’s Retail Limited at its meeting has granted its approval for acquisition of 100% stake in Natures Basket Limited, a wholly-owned subsidiary of Godrej Industries Limited (GIL), subject to approval of the shareholders of both the companies.

Bharti Airtel: The company has informed that, based on preliminary information, the rights issue has been oversubscribed.

Alkem Laboratories: The US FDA had conducted an inspection at the company's manufacturing facility located at Baddi, India from May 13-17, 2019. At the end of the inspection, the company has received a Form 483 with four observations. The company will provide a detailed response with adequate corrective and preventive measures to address the US FDA observations and the same is proposed to be filed within the timeline stipulated by the US FDA. 

Sundaram Clayton: Sundaram-Clayton has inaugurated first overseas facility in the US at a project cost of Rs 630 crore (US $90 million).

TRF: The company plans to sell 100 per cent stake of Dutch Lanka Trailer Manufacturers at a gross consideration of Rs 30 crore and 50 per cent stake of Tata International DLT at a net consideration of Rs 137.50 crore.