Index trend and stocks in action November 17, 2016

The Indian benchmark indices opened with an upside gap owing to firm sentiments across the Asian markets as the US Bond yield surge halted, and there was support from India’s good CPI numbers, which also fuelled hopes of a rate cut by the RBI in its forthcoming monetary policy. But, despite the upside gap, Nifty failed to sustain at higher levels. This was clear indication of long unwinding and short selling pressure at every rise. Nifty on the daily chart has formed a negative candle within a high low range of Tuesday’s trading session's long range bear candle. Now going forward the recent swing low of the level of 8002 is likely to provide support to the Nifty. A decisive breach of this support is likely to open up for correction up to levels of 7930. On the upside, the zone of 8230-8250 may act as a stiff resistance in the coming trading session. The daily RSI is trading in oversold region.

 Bharti Airtel: Telecom operator Bharti Airtel announced completion of the merger of its subsidiary Bangladesh Telecom unit with Robi Axiata Limited.

Greenply Industries: MSCI includes company as part of MSCI Global Smallcap Index.

Ujjivan Financial Services: Ujjivan Financial Services has raised Rs 225 crore by issuing non-convertible debentures (NCDs) on a private placement basis.

SBI: SBI cuts deposit rates by 15 basis points on term deposits from one to three year.

Ajanta Pharma: Ajanta Pharma USA Inc., a wholly owned subsidiary of Ajanta Pharma announces the launch of Aripiprazole Tablets, a bioequivalent generic version of Abilify, into the US market.