Index trend and stocks in action November 21, 2016
Chirag Gothi / 21 Nov 2016
7930 is previous resistance level and usually after a breakout from the resistance level, the resistance level acts as a support level; and 7900 is 50 per cent retracement level of entire upmove from low of 6825 to high of 8968. On the upside, there is multiple resistance level in the zone of 8155-8230. A decisive move above this zone may open gates for upmove up to levels of 8330.
Indian benchmark Indices opened almost flat on Friday and saw mild short covering. However, this recovery was short lived as there was lack of follow-up buying and this resulted in the market drifting lower. Now going forward Nifty has support placed in the zone of 7900-8000. In this zone of 7900-8000 there are multiple supports in the offing.7930 is previous resistance level and usually after a breakout from the resistance level, the resistance level acts as a support level; and 7900 is 50 per cent retracement level of entire upmove from low of 6825 to high of 8968. On the upside, there is multiple resistance level in the zone of 8155-8230. A decisive move above this zone may open gates for upmove up to levels of 8330.
Adani Enterprises: Adani Enterprises has announced that it proposes to commence construction of two major solar projects in Australia next year, each with an output of 100-200 MW.
Unitech and HDFC: With Unitech defaulting on loan repayment, housing finance major, HDFC said it has sold the realty firm’s outstanding loan of Rs 869 crore to JM Financial Asset Reconstruction Company (JMFARC).
Dilip Buildcon: Dilip Buildcon has bagged an order worth Rs 198 crore in Andhra Pradesh on EPC mode for a completion period of 18 months.
HPL Electric: HPL Electric & Power said that debt of company has been reduced by around Rs 320 crore from IPO proceeds.
Karnataka Bank: Karnataka Bank has extended the rights issue till November 28, 2016.
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