Index trend and stocks in action August 17, 2016

Indian benchmark Indices started off the session on a flattish note and started to show weakness during the early part of the trading session. It later shifted into an intraday consolidation phase around 8600-8615 level and finally ended the session with losses. A small body negative candle has been formed with a long lower wick on the daily time frame. This candle has been formed adjacent to the Bullish Belt Hold candle, which indicates a range bound trend for Nifty.  Now going forward the level of 8600 will continue to act as a strong support area for the bulls. However, breach of this zone will open up for correction up to levels of 8565-8530. On the upside, level of 8690 will act as a first barrier for Nifty, and if Nifty sustains above this level it's likely to show momentum up to levels of 8730-8735.

Indiabulls Real Estate: Indiabulls Real Estate has declared that it has raised Rs 30 crore through non-convertible debentures (NCDs).

Sun Pharmaceutical: Sun Pharmaceutical has informed that Virtuous Finance, part of the promoter group has pledged one crore shares of the company amounting to 0.42 per cent stake to State Bank of India. The shares were pledged on August 11, 2016, as security for loan provided by the bank for working capital to Suzlon energy and its designated subsidiaries.

J Kumar Infraprojects: In order to curb excessive volatility, BSE has tweaked the circuit limit for J Kumar Infraprojects. The new limit will ensure stock prices do not move up or down beyond 10 per cent in a day.

Piramal Enterprises: Piramal Enterprises’ wholly owned subsidiary in the US proposes to acquire a 100% stake in contract developer Ash Stevens Inc., in an all-cash deal. Piramal will pay a sum of $42.5 million plus an additional pay-out which will be contingent on achieving certain targets. Ash Stevens focuses on high potency APIs and has an annual turnover of around $18 million.

Larsen & Toubro: Infrastructure major Larsen & Toubro has been picked as the implementation partner to make Nagpur the first large-scale integrated smart city of the country.