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| CAPITALSTARS INVESTMENT ADVISER |
Morning news and update
Nifty opened the session lower and, as the day moved on, it further extended losses. In fact, at one point, Nifty was down by more than 200 points. In the last leg of trading, it managed to recoup some of the losses, but it still ended below the crucial 11,000 mark, down by 1.24 per cent. The price action formed a long bear candle with long lower shadow. The sharp bounce of 100 points from the lows of the day attracted large volumes. This is an indication that further downside is restricted and, given the oversold structure of the index, we believe there is a possibility of a pullback occurring anytime soon. Hence, it is better to be cautious about taking fresh short positions in the market. At the same time, it is advisable to wait until Nifty moves above the 200-DMA, which is currently placed at 11,150 level, to get confirmation of the short-term strength. The next support level is placed at 61.8 per cent retracement of Oct-June rally at 10,806.
PSP Projects: The company has been awarded new work orders worth Rs 86.20 crore for various institutional projects from various clients.
National Aluminium: National Aluminium, Hindustan Copper (HCL) & Mineral Exploration Company (MECL) have formed a JV company to power India's growth in acquisition of critical minerals from abroad, a big push to country's move into electric vehicles and renewable energy.
Allahabad Bank: The Reserve Bank of India has imposed a penalty of Rs 2 crore on the bank.
Bank of India: The bank will pay a penalty of Rs 1.5 crore on account of non-compliance with RBI direction on frauds in Rotomac Group companies.
Power Grid: The company has been declared as the successful bidder under tariff-based competitive bidding to establish transmission system for the following projects: (i) Transmission system for providing connectivity to RE projects at Bhuj-11 (2000 MW) in Gujarat and (ii) Transmission system associated with L TA application from Rajasthan SEZ (Part - C).
Adani Transmission: The company has received letter of intent (LOI) for centre sector transmission project linked to renewable sector in Rajasthan and also LOI for centre sector transmission project in Gujarat linked to renewable energy evacuation.
SRF: The engineering plastics business has been divested to DSM India Private Limited with effect from August 1, 2019.
Wipro: Wipro has launched co-innovation centre with Amazon Web Services.
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