Index trend and stocks in action November 11, 2016

The Indian benchmark indices got off to a rollicking start on speculation that Donald Trump will pursue business-friendly policies. Thereafter, the indices capitalised on the momentum and touched intraday highs in the noon session but the indices failed to hold onto the higher levels as profit taking was witnessed in the last hour of trade. On the daily chart of Nifty a small body negative candle with long upper shadow has been formed, which is indicating selling at higher levels. Nifty has almost filled the gap which was created as on November 2, 2016 and is facing selling pressure near the gap around levels of 8615. Now going forward level of 8400 would act as a support level and decisive breach of this zone may open up for correction up to levels of 8240. On the upside, the zone of 8580-8615 will act as a stiff resistance.

Sun Pharma: Sun Pharma announced stellar numbers as profit went up by 90 per cent to Rs 2471 crore owing to sharp improvement in operating performance. Revenues were up by 20 per cent at Rs 8265 crore for the second quarter.

Shoppers Stop: Retail company Shoppers stop said it has shutdown stores at Inorbit Mall, Pune, Nirmal Lifestyle, Mulund and Hypercity store at Inorbit Mall, due to lower than expected businesses and its low profitability.

Wipro: Wipro wins I.T provider of the year customer’s choice award at the Payload Asia Awards 2016.

Apollo Tyres: Apollo Tyres signs memorandum of understanding with Government of Andhra Pradesh, to invest Rs 525 crore in the state to set up manufacturing plant.

NHPC: NHPC will consider the proposal for raising of Rs 2,250 crore through issuance of “V” series corporate bonds on a private placement basis on November 18, 2016.