Index trend and stocks in action on August 25, 2020
Nifty witnessed a blistering start of the week as it opened above 11,400 mark. The bulls attempted to buy the initial dip and thereafter, the index has marked the high of 11,497.25. In the last hour of the trading, the index trimmed some portions of gains and ended the day with gains of 94.85 points or 0.83 per cent. The price action formed a sizable bullish candle, carrying a higher high and higher low.
Going by the simple trend analysis and Dow Theory, if we look at the index, then clearly, it is in an uptrend, making higher highs and higher lows. The uptrend remains intact as long as the sequence of higher tops and higher bottoms sustain.
Talking about the levels of Nifty, 11,530-11,600 seems to be the next hurdle for the index. On the downside, immediate support is seen around opening the upside gap area (11,412-11,371).
Axis Bank Ltd: The lender proposed to acquire 17.002 per cent share of Max Life, resulting in the total ownership of 18 per cent post-transaction.
Prince Pipes and Fittings Ltd: The company has announced the launch of Price FlowGuard Plus in association with Lubrizol, inventors, and the largest manufacturers of chlorinated polyvinyl chloride (CPVC) compounds worldwide, headquartered in the United States.
Indian Bank: CARE rating has assigned CARE AAA/ (Outlook: Credit watch with developing implications) to bank’s proposed tier 2 bonds (Basel III) aggregating to Rs 2,000 crore and CARE AA+/ (Outlook: Credit watch with developing implications) to bank’s proposed additional tier I perpetual bonds (Basel III) aggregating to Rs 2,000 crore.
Multi Commodity Exchange of India Ltd: MCX, India’s largest exchange in the commodity derivatives segment, on Monday, launched futures trading on the country’s first tradable real-time bullion index, MCX iCOMDEX Bullion.
Wipro Ltd: The company has announced a partnership with the industry-leading standard initial margin model (SIMM) vendor, quaternion risk management. As part of the collaboration, Wipro will offer SIMM-in-a-box to financial institutions covered under uncleared margin rules (UMR).
Karur Vysya Bank Ltd: ICRA has reaffirmed the credit rating on the company’s certificate of deposits programmer as ‘ICRA A1+’.