Index trend and stocks in action May 29, 2018
Nifty scored a hat-trick of gains and closed higher by 0.79% at 10,689. The price action formed a bull candle with a gap-up opening. Nifty has now managed to close above its 21-day SMA. In the coming session, immediate resistance is placed around the level of 10,734, which is 61.8 per cent retracement level of the recent downmove. A move beyond this level would extend the pullback rally up to the level of 10,780-10,800. On the downside, the level of 10,628-10,640 would act as immediate support zone for the Nifty, which is the opening upside gap area of May 28, 2018. The 14-period RSI stands at the level of 55 and a move beyond the level of 60 would infuse further strength into the bulls.
HUDCO: An old default case of a borrower has been substantially resolved after prolonged litigation, where HUDCO has received an amount of Rs. 317 crore against dues of Rs. 469.38 crore as on March 31, 2018.
Jet Airways: ICRA has revised the long-term rating on Jet Airways loan facilities.
Vedanta: The Government of Tamil Nadu has directed the Tamil Nadu Pollution Control Board to seal the company's copper smelter plant-1 at Thoothukkudi district, Tamil Nadu and close the plant permanently.