Best Equity Trading Tips & Fundamentals News
Stock Market News and Analysis:
Benchmark Indices traded with a negative bias, witnessing a selling pressure in the closing hour of the trade as across the board short selling weighed in. Nifty closed at 11126.40 and for coming session its key support is at 11080 while on higher side its resistance is at 11250.
Headlines for the day:
- Wipro Limited completes acquisition of International TechneGroup Incorporated.
- JSW Steel Limited raised 400 million dollar by allotment of fixed rate senior unsecured notes.
- Tata Motors Limited has bagged order for 300 electric buses from Ahmedabad Janmarg.
- Aurobindo Pharma share prices tank 11% in afternoon trade after reports said that it has received adverse observations from USFDA. Media reports stated that the USFDA has issued a note (after inspecting Aurobindo’s Unit-7 between September 19-27, 2019) indicating procedural lapses along with lack of quality control.
- Container Corporation of India (CONCOR) to contest DGFT claim on benefit under export scheme program. The company said it had claimed a benefit of Rs 1,044 crore for FY16-19, but DGFT stated that claims up to Rs 861 crore are not eligible for the export benefit. This is subject to further verification by the authorities central licensing area office.
- Sun Pharma Advanced Research Company (SPARC) even after the US Food and Drug Administration granted Orphan Drug Designation to Phenobarbital for the treatment of patients with neonatal seizures.
- BEML has secured further orders in Metro from M/s Delhi Metro Rail Corporation Limited (DMRC) for ‘RS15’ – manufacture, design, testing, supply and Commissioning of 80 Nos. Broad Gauge Intermediate Cars compatible with existing ‘RS1’ type trains for conversion of 6-car train set to 8-car train set valuing Rs729 crore.
- Ashok Leyland Limited informed that it had decided to suspend production at its plants at various locations for 15 days. The company resorted to the unscheduled production cut to correct the mismatch between production and sales.
- Glenmark Pharmaceuticals informed regarding an inspection conducted by the US Food & Drug Administration between April 15-20, 2019, at the company’s Baddi facility in Himachal Pradesh. The company had earlier informed that the inspection was classified as an “Official Action Indicated” vide a letter by the US Food & Drug Administration. With regards to the same inspection, the US Food & Drug Administration has now issued a “Warning Letter” to the Baddi facility.
- Lupin Limited informed that the launch of Mycophenolate Mofetil Capsules USP, 250 mg. Lupin’s alliance partner Concord Biotech Limited had received approval from the United States Food and Drug Administration
Calls for Tomorrow:
- CALL: SELL SBIN EQ BELOW 246.85 TARGETS 244.35/241.90/239.40 SL 249.35
Description: Stock form consolidation near its key support on daily chart and settled with bearishly bias. Hence rally is expected below the mentioned level.
- CALL: BUY COLPAL EQ ABOVE 1470.65 TARGETS 1485.40/1500.05/1514.80 SL 1455.90
Description: Stock settled near its immediate resistance with bullishly bias on intraday chart. Hence breakout is expected ahead.