Index trend and stocks in action September 20, 2016

Indian benchmark indices started the session with modest gains, tracking their Asian peers, which were trading in positive territory. Thereafter, Nifty shifted into a range bound movement for rest of the session, and finally closed trade near the day’s high. After the formation of opening downside gap as on September 12, 2016, Nifty is facing resistance near the gap area, which is placed at levels of 8860. Nifty is likely to move in the range of 8680-8860 for the next couple of trading sessions, and major move is expected only after the US Fed outcome. For day trading, key levels on the downside are placed around levels of 8740. On the upside, the zone of 8850-8860 will act as a resistance level.

Jubliant Foodworks: Ajay Kaul, CEO of the company has quit the company after posting its worst quarterly performance.

Castrol: The stock could be in focus as parent British Petroleum likely to off load 8.5 per cent stake in Castrol India.

Dr.Reddy’s Lab: Company has announced the launch of Paricalcitol injections in US.

Bharat Rasayan: Company has posted its first quarter results on Monday. PAT has increased by 76.8 per cent, whereas on an operational level too it has seen EBITDA augmenting by 43.7 per cent.