Index trend and stocks in action November 18, 2016
Chirag Gothi / 18 Nov 2016
On the downside, immediate support is placed around the level of 8000, and if it sustains below the zone of 8000, it may fall further towards levels of 7930-7900. The zone of 7900 is a key support area as it is 50 per cent Fibonacci retracement level of entire up-move from the lower level of 6825 to high levels of 8968.
The Indian benchmark indices opened the session on a slightly negative note and thereafter moved in positive territory in the initial hours of the trading session. However, it failed to sustain at higher levels and eventually fell down to close in negative territory. After analysing the daily chart of Nifty, it seems that the area of 8220-8250 will act as a strong resistance zone for the Nifty. On the downside, immediate support is placed around the level of 8000, and if it sustains below the zone of 8000, it may fall further towards levels of 7930-7900. The zone of 7900 is a key support area as it is 50 per cent Fibonacci retracement level of entire up-move from the lower level of 6825 to high levels of 8968.
Deepak Fertilisers: Deepak Fertilisers and Petrochemicals Corporation (DFPCL) has reported a 4.76 per cent decline in profit after tax (PAT) to Rs 26.96 crore for the second quarter ended September 30. Total income of the company also has declined by 14.32 per cent to Rs 938.21 crore in the second quarter from Rs 1095.03 crore in the same period last year.
TCS: TCS said that the company would hold an extraordinary general meeting on December 13 to decide on the removal of former chairman, Cyrus Mistry as director from the company’s board.
Cadila Healthcare: Drug firm Cadila Healthcare said its board has approved a scheme to hive off its India human formulations undertaking to the company’s subsidiary Zydus Healthcare on a slump sale basis.
Petronet LNG: Petronet LNG the country’s largest importer of liquid gas has reported its highest ever quarterly net profit at Rs 460 crore in the September quarter owing to record volumes of gas handled.
Inox Wind: Inox Wind has bagged a repeat order for a 40 MW wind power project to be deployed in Gujarat from Roha Dyechem Private Ltd.
IL&FS Engineering: The 49:51 Joint venture of IL&FS Engineering and Construction Company limited and IL&FS Transportation Networks Limited has emerged as the lowest bidder for the development of two road projects of the Madhya Pradesh Road Development Corporation Limited.
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