Index trend and stocks in action November 16, 2016
Chirag Gothi / 16 Nov 2016
Nifty managed to close below its 200- day simple moving average. Now going forward the recent swing low which is placed around levels of 8000 will act as a strong support level. A decisive move below this level may open gates for correction up to levels of 7930. On the upside, the zone of 8220-8250 will act as a major resistance for Nifty.
The Indian benchmark indices got off to a negative start, extending the downtrend for the second straight session as pessimistic sentiments prevailed across the Asian markets. The selling pressure heightened in the afternoon session. At the end Nifty took a cut of over two per cent to settle below the crucial level of 8150. On the daily chart Nifty formed a long range bear candle, which indicates strength of bears. Nifty managed to close below its 200- day simple moving average. Now going forward the recent swing low which is placed around levels of 8000 will act as a strong support level. A decisive move below this level may open gates for correction up to levels of 7930. On the upside, the zone of 8220-8250 will act as a major resistance for Nifty.
Lupin: Drug major Lupin said it has launched Amablez tablets, used in prevention of postmenopausal osteoporosis, in the American market after getting approval from the US health regulator- the US Food and Drug Administration (FDA).
JM Financial: JM Financial Products has acquired over 19 lakh shares in Indian Home Loan (IHL), translating into over 17 per cent in the firm.
Tata Teleservices: Amid the boardroom tussle between Ratan Tata and Cyrus Mistry, rating agency ICRA has cut its rating on Tata Teleservices by one notch with a negative outlook on weak operational and financial performance.
L&T Infotech: L&T Infotech has announced that it has been awarded a five-year contract by Hartford Steam Boiler (HSB), a leading specialty insurer with 150 years of industry leadership in equipment breakdown insurance and a subsidiary of Munich Re.
IOC: Cuts diesel prices by Rs 1.53 per litre and petrol prices by Rs 1.46 per litre.
ABB India: ABB India wins order to supply 1,600 traction transformers for 800 new electric freight locomotives in India.
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