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The Nifty opened on a negative note, but started recovering soon thereafter. As the day progressed, bulls stiffened their grip and Nifty reclaimed its crucial psychological level of 11,000 on intra-day basis. However, in the end, the index came off its intra-day high and ended at 10,948, up by 86 points. The price action formed a sizeable bullish candle carrying higher high-low. However, if we analyze the past two trading sessions, the candlestick pattern after a formation of hammer pattern had seen follow-up buying and, as a result, there is formation of a bullish engulfing like candlestick pattern (not a perfect text-book pattern). Going ahead, immediate resistance for the Nifty is around the 11,000 mark and the bulls needs to sustain above the 11,000 mark for at least two to three days and only then the bulls will gain confidence. On the downside, 10,880 is likely to act as an immediate support level, followed by the 10,800. Volatility may be seen in today session owing to the outcome of the RBI monetary policy and the range of 10,800-11,000 is a crucial range for the index.
Avenue Supermarts: The company has issued commercial paper of Rs. 50 crore. Also, the promoter of the company Radhakishan Damani will sell about 62.3 lakh shares to meet minimum public shareholding norms.
NLC India: The board of directors of the company at its meeting held on Aug. 6, 2019, have decided not to pursue the setting up of pilot plant for coldry matmor integrated project on R&D collaborative mode as agreed to between NLCIL & NMDC & ECT Australia vide MoU signed on May 30, 2018, in view of ECT's withdrawal of MoU and NMDC's subsequent decision not to go ahead with the proposal.
REC: The company has approved the proposals for sale and transfer of wholly-owned subsidiaries of REC Transmission Projects Company Limited (RECTPCL) and REC Limited.
Tata Steel: The company has terminated definitive agreements executed with HBIS Group to divest majority stake in its South-East Asia business. HBIS has informed that it has not been able to procure the requisite approvals from the Hebei government on the of key conditions precedent for the transaction.
Reliance Industries: BP and Reliance Industries Limited (RIL) announced that they have agreed to form a new joint venture that will include a retail service station network and aviation fuels business across India.
ICICI Lombard General Insurance Company: True Balance, the fintech app, has associated with ICICI Lombard General Insurance to provide health insurance at affordable premium to its Tier-II and Tier-Ill Indian customers.
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