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| CAPITALSTARS INVESTMENT ADVISER |
Morning news and update
The Nifty started with a positive bias, but as with recent trends, this upside was merely a formality and, in the first half of the trading session, Nifty breached its important psychological mark of 11,200. In the second half of the trading session, a mild pull-back was seen from the lower levels and, in the end, Nifty settled below the 11,200 mark, down by 0.84 per cent. The price action formed a sizeable bear candle and the spread, i.e. the difference between the high and low of the day, was greater than the previous five trading sessions. Going ahead, Nifty is approaching towards its crucial support level of 11,140, which is defined by the important long term moving average, i.e. 200-DMA, as this moving average is followed widely by the market participants. In the coming sessions, the zone of 11,108-11,140 would be seen as a crucial support level as the swing low of May 2019 and 200-DMA is placed in the region. The index is trading in close proximity to its important support level and the lead indicator has entered into oversold territory. Thus, we can expect a short-term bounce from anywhere in this zone (11,108-11,140). On the upside, the level of 11,320 is seen as a resistance level. Traders are advised to avoid aggressive long positions until some clear signs of reversal are visible on the price action front.
Infosys: Al Ahli Bank of Kuwait has partnered with EdgeVerve Systems, a subsidiary of Infosys, to steer its automation journey using AssistEdge Robotic Process Automation (RPA).
Insecticides: The patent office has granted the patent for insecticidal combination and process thereof which covers suspension concentrate (SC) formulation comprising buprofezin and fipronil for the term of 20 years from December 2, 2014. The combination is sold by the company under the brand name Aikido.
Trigyn Technologies: Trigyn Technologies Inc., the wholly-owned subsidiary of the company, has been awarded a contract to provide IT temporary staffing services to the city of Mississauga, Canada.
Strides Pharma Science: Strides Pharma Science has entered the large China pharmaceutical market in a joint venture with Sihuan Pharmaceutical.
Muthoot Finance: During the last one month, the company has been moderating its gold loan advances by reducing the maximum Loan to Value (LTV) to 70 per cent of the gold price as against the RBI norms of up to 75 per cent.
BEML: The company has commenced production of metro cars at its Bangalore facility for MMRDA (Mumbai Metropolitan Region Development Authority) for its MRSl Project.
Coal India: The President of India, acting through the Ministry of Coal, has sold 1.7 per cent equity shares of Coal India at a value of Rs 2247 crore.
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