Index trend and stocks in action on May 14, 2020
The market participants were enthused by Prime Minister Narendra Modi’s announcement of big bonanza economic package to fight Coronavirus downturn. As a result, Nifty opened with a gap-up but soon after opening, it succumbed to selling pressure and was off day’s high. For the rest of the day, it traded in a capped range and closed below 9,400 mark.
The price action for the day formed a bearish belt hold pattern, where the open was equal to the high. Also, Nifty opened in the gap area of May 4. Going ahead, the low of Wednesday’s session would be crucial to watch out as sustaining below 9,350 level, could lead the index towards 9,116 levels. While on the upside, sustaining above 9,450 mark, could open gates for 100-200 points rally on the upside.
One interesting observation is that the gap between 20 and 50-DMA is narrowing as there is almost 134 points gap between them. Further, 20-DMA is pointing upwards while, 50-DMA is in a downward trajectory.
All eyes will be on 9,350 level on the downside while, on the upside, the level of 9,450 will be watched out for.
Datamatics Global Services: Datamatics Global announces distribution agreement with Ingram Micro to strengthen the presence of its intelligent automation suite of products in Indian market.
Kingfa Science & Technology: Due to COVID-19 pandemic outbreak across the globe, its holding company and promoter, Kingfa Science & Technology, Guangzhou (China) have started manufacturing non-medical three-ply masks with the approval of Chinese regulatory for meeting the demand in China and in other countries.
Infosys: Infosys and NICE Actimize announce strategic partnership to offer end-to-end financial crime solutions.
Maruti Suzuki India: The board, in its meeting held on Wednesday, has approved the acquisition of 39.13 per cent equity stake from Sumitomo Corporation (Japan) and 10 per cent equity stake from Sumitomo Corporation India Private Ltd held in JJ Impex (Delhi).
PNC Infratech: PNC Infratech bags a new hybrid annuity highway project of Rs 1,412.