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| CAPITALSTARS INVESTMENT ADVISER |
Morning news and update
The Nifty extended its upmove for the third straight session on Wednesday and ended with gain of 0.21 per cent at 11,687.50. The price action formed a small bull candle with minor upper and lower shadows and carrying higher high-low. Going ahead, the zone of 11,725-11,735, which is the confluence of 50 per cent retracement of the current downmove and important short term moving average, i.e. 20-DMA, is likely to act as a resistance area. We believe a decisive move above area of 11,725-11,735 would lead to continuation of the current pullback rally towards 11,782-11,800, which is the confluence of 61.8 per cent retracement of the downmove from 11,982-11,461 and the downside gap area of July 8. In the coming session, on the downside, support is seen around 11,620-11,650 region.
Torrent Pharma: The company has received a communication from the USFDA classifying the inspection conducted at its Dahej facility in March 2019 as Official Action Initiated (OAI).
DFM Foods: The company proposes to commission a new extrusion line at the existing Greater Noida unit, Uttar Pradesh. Further, the company has taken industrial premises on a long term lease in Greater Noida for future expansion.
Allahabad Bank: A fully provided non-performing account, viz. SEL Manufacturing Ltd. (SELM) with outstanding dues of Rs 688.27 crore for which NCLT proceedings are in progress, has also been declared as fraud and reported to RBI as per regulatory requirement.
Newgen Software Technologies: The company has secured patent for automated quality and usability assessment of scanned documents.
Oil India: Oil India Limited (OIL), India's second largest national exploration and production company, has emerged as the biggest winner of oil & gas blocks under Open Acreage Licensing Policy (OALP) round-II & round-III by winning 12 blocks out of 32 blocks for which bids were submitted by leading operators.
Nestle: Maggi fusian noodles have recorded overwhelming sales on Amazon Prime Days, witnessing an equivalent of 2.5 lakh single units being sold over a two-day period, with orders coming from 29 states in India.
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