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Morning news and update
The Nifty saw a positive start to the day, but it seemed it was merely a formality and the index slipped into negative terrain and registered intraday low of 10,985. We saw some respite at lower levels but the index failed to capitalise on the pullback and index ended the day with a loss of 0.33 per cent at 11,017. The price action formed a small body bear candle carrying a lower low-high. The overall chart structure and levels remain the same as we had highlighted in the previous article. The zone of 10,935-10,990 is a major support zone. If Nifty manages to hold above this zone, a possibility of an intraday pullback cannot be ruled out. In this scenario, the level of 11,080 is likely to act as an immediate resistance followed by 11,145 levels. To continue the bullish strength, it needs to move above the 200-DMA as well as Friday high of 11182, decisively. As long as it trades between 11188-10935, traders may not get clear trading opportunities. Wait till these levels break for a clear trading opportunity.
KRBL: Company has recently obtained trademark registration of its flagship brand INDIA GATE. The said trademark has been registered on August 12, 2019.
Alembic Pharmaceuticals: The company's bioequivalence facility located at Vadodara was inspected by US Food & Drug Administration (USFDA) between August 12 to 15 2019 and between August 12 to 20, 2019 for Bioequivalence Bioanalytical and Bioequivalence Clinical. There were no 483s issued by USFDA at the end of the inspection.
IOL Chemicals and Pharmaceuticals: Company has made the pre-payment of term loan of Rs 9.52 crore due to banks in addition to scheduled repayment. The company has made the pre-payment of term loan of aggregate of Rs 107.70 crore till date (i.e. Rs. 87.65 crore during the current FY and Rs 20.05 crore in the previous FY to reduce the Term Debt, which remains at Rs. 123.45 crore as on date.
Zensar Technologies: Company has collaborated with Aptos, a recognised market leader in retail technology solutions, to support Aptos development of next-gen cloud applications.
NMDC: Government of Karnataka has decided to cancel the lease given to NMDC for Donimalai iron ore mine and to put it under auction. NMCD said that it has field revision application against Karnataka government order with the Ministry of Mines and the hearing is fixed on August 21, 2019. The company has also requested the Government of Karnataka to withdraw its letter.
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