Index trend and stocks in action September 23, 2016

Indian benchmark indices opened with a huge gap on the upside and traded in a tight band throughout the session as the Federal Reserve opted to hold its key short-term interest rate steady. The gap which was formed on  September 12 has been filled completely. However, the opening upside gap which was formed on September 22, almost has been filled on the same day. On the daily chart Nifty has formed a ‘High Wave’ candlestick. This candlestick is characterised by a small body and long shadows.  Now going forward the zone of 8820-8840 would act as an immediate support level for the Nifty. On the upside, the zone of 8900-8940 would act as a stiff resistance for Nifty.

REC: State-run Rural Electrification Corporation (REC) said it has received shareholders' nod to raise Rs 50,000 crore by issuing non-convertible debentures (NCDs).

Bharat Financial Inclusion: Bharat Financial Inclusion said the company will raise Rs. 750 crore through qualified institutional placement. The floor price of the QIP offer has been set at Rs. 769.95 per equity share.

Canara Bank: The board of directors of Canara Bank will meet today to consider fund raising plans through rights issue. It seeks to raise funds from the Government of India to strengthen its capital adequacy ratio.

L&T Tech: L&T Technology services, the subsidiary of engineering and construction giant Larsen and Toubro will make its debut on exchange today.